| 122nd MAINE LEGISLATURE | |||||||||
| LD 1021 | LR 0263(02) | ||||||||
| An Act To Implement Task Force Recommendations Relating to Parity and Portability of Benefits for Law Enforcement Officers and Firefighters | |||||||||
| Fiscal Note for Bill as Amended by Committee Amendment " " | |||||||||
| 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 | $45,443 | $56,610 | $60,549 | $64,762 | |||||
| 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. This bill includes General Fund appropriations of $30,396 in fiscal year 2005-06 and $28,238 in fiscal year 2006-07 to Maine Revenue Services for the administrative costs associated with the additional insurance company tax. The bill also includes General Fund appropriations of $45,443 in fiscal year 2005-06 and $56,610 in fiscal year 2006-07 to the Division of Employee Health and Benefits in the Department of Administration and Financial Services for the establishment of an Employee Benefits Technician position to administer this program. The bill also includes a one-time General Fund appropriation of $252,000 to the Bureau of Insurance in the Department of Professional and Financial Regulation for the study and report required under Sec. A-3 of the bill, including the hiring of an outside consulting firm. The bill makes no provision for revenue for this purpose, therefore, existing fees and assessments may need to be adjusted. | |||||||||
| 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. | |||||||||