| 122nd MAINE LEGISLATURE | |||||||||
| LD 978 | LR 1840(01) | ||||||||
| An Act To Allow State Employees To Participate in a Deferred Retirement Option Program | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Lerman of Augusta | |||||||||
| Committee: Labor | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Current biennium cost increase - General Fund | |||||||||
| Fiscal Detail and Notes | |||||||||
| Additional costs associated with adopting rules to require carriers to offer a deferred compensation plan for state employees who retire and are rehired and elect to participate in a deferred retirement option program can be absorbed by the Department of Administrative and Financial Services utilizing existing budgeted resources. Since this legislation requires the Department of Administrative and Financial Services to administer the deferred retirement option plan, this may require an additional staff person but will depend on the number of employees who choose the option. It is estimated that an additional staff person would cost approximately $60,000 annually. | |||||||||
| Additional costs to the Maine State Retirement System associated with rulemaking can be absorbed within the System's operating budget. Since this legislation does not require the Retirement System to establish and administer the deferred retirement option plan, there are no other costs to the System. | |||||||||