| 122nd MAINE LEGISLATURE | |||||||||
| LD 1021 | LR 0263(01) | ||||||||
| An Act To Implement Task Force Recommendations Relating to Parity and Portability of Benefits for Law Enforcement Officers and Firefighters | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Reported by Rep. Duplessie of Westbrook for the Task Force to Study Parity and Portability of Retirement Benefits for State Law Enforcement Officers, Municipal and County Law Enforcement Officers and Firefighters pursuant to Resolve 2003, chapter 76 | |||||||||
| Committee: Labor | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Net Cost (Savings) | |||||||||
| General Fund | $30,396 | $28,238 | $29,628 | $31,097 | |||||
| Appropriations/Allocations | |||||||||
| General Fund | $30,396 | $28,238 | $29,628 | $31,097 | |||||
| Other Special Revenue Funds | $252,000 | $0 | $0 | $0 | |||||
| Other Funds | $37,943 | $54,110 | $57,875 | $61,902 | |||||
| Revenue | |||||||||
| Other Special Revenue Funds | $5,330,061 | $7,720,974 | $7,875,393 | $8,032,901 | |||||
| Fiscal Detail and Notes | |||||||||
| The additional tax is expected to increase Other Special Revenue funds by $5,330,061 in fiscal year 2005-06 and $7,720,974 in fiscal year 2006-07 based on a January 1, 2006 effective date. Maine Revenue Services will also require General Fund appropriations of $30,396 in fiscal year 2005-06 and $28,238 in fiscal year 2006-07 for the administrative costs associated with the additional insurance company tax. | |||||||||
| Additional costs to the Maine State Retirement System to establish the required procedures to determine the contributions necessary for certain members to transfer eligible service from a prior plan to an eligible new plan can be absorbed utilizing existing budgeted resources. Because this legislation requires that the cost to transfer creditable service between plans is to be borne by the member, there is no additional cost to the Retirement System. | |||||||||
| The Division of Employee Health and Benefits in the Department of Administration and Financial Services would require additional resources including the establishment of an Employee Benefits Technician position to administer this program at an annualized cost of approximately $50,000 per year. | |||||||||
| The Bureau of Insurance in the Department of Professional and Financial Regulation will require additional resources for the study and report required under Sec. A-3 of the bill. The Bureau anticipates the study and report would have a one-time cost of $252,000 including the hiring of an outside consulting firm. The bill makes no provision for revenue for this purpose, therefore, it is assumed that existing fees and assessments would need to be adjusted to cover these costs. | |||||||||