| 123rd MAINE LEGISLATURE | ||||||
| LD 871 | LR 1040(01) | |||||
| An Act To Amend the Laws Relating to the Treatment of Maine State Retirement System Contributions for Terminated Members | ||||||
| Fiscal Note for Original Bill | ||||||
| Sponsor: Rep. Clark of Millinocket | ||||||
| Committee: Labor | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| Increase to Retirement Allowance Fund - Maine State Retirement System | ||||||
| Fiscal Detail and Notes | ||||||
| Allowing the Maine State Retirement System to transfer contributions of a member who has been inactive for at least 10 years and whose member contributions, not including accumulated interest, are less than $100 to the Retirement Allowance Fund is expected to increase monies in the Fund by approximately $732,000 in fiscal year 2007-08. According the the Maine State Retirement System, there are approximately 28,000 inactive members with average contributions of $26 per member. | ||||||