| 122nd MAINE LEGISLATURE | |||||||||
| LD 1667 | LR 2150(09) | ||||||||
| An Act To Make Supplemental Appropriations and Allocations for the Expenditures of State Government and To Change Certain Provisions of the Law Necessary to the Proper Operations of State Government for the Fiscal Years Ending June 30, 2006 and June 30, 2007 | |||||||||
| Fiscal Note for Senate Amendment " " to Committee Amendment "A" | |||||||||
| Sponsor: Sen. Mills | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Unfunded Teacher Retirement Liability - General Fund | |||||||||
| Fiscal Detail and Notes | |||||||||
| This amendment repeals the Pension Cost Reduction Bonding authorization, which provided $410,000,138 to the Maine State Retirement System. Part of this amount paid for Teacher Retirement employer contributions for the 2006-2007 biennium, which resulted in total deappropriations of $358,565,105 for the biennium. This amendment does not adjust appropriations or transfers to the Maine State Retirement System. Consequently, the State would need to provide additional General Fund appropriations for the estimated 2006-2007 liability for Teacher Retirement in order to fund the system on an actuarially sound basis. | |||||||||