| 122nd MAINE LEGISLATURE | |||||||||
| LD 1197 | LR 1716(01) | ||||||||
| An Act To Allow a One-time Change in Benefit Payment Option Selection under the Maine State Retirement System | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Miller of Somerville | |||||||||
| Committee: Labor | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Undetermined current biennium cost increase - All Funds | |||||||||
| Fiscal Detail and Notes | |||||||||
| Allowing a recipient of a Maine State Retirement System service retirement benefit who elected an optional method of payment to select a different optional method on a one-time basis would increase the unfunded liability of the Maine State Retirement System. Pursuant to the Constitution of Maine, Article IX, Section 18-A, unfunded liabilities may not be created except those that result from experience losses. The Maine State Retirement System will require one-time General Fund appropriations and Highway Fund and other funds allocations, the amount of which can not be determined at this time. | |||||||||