|
|
|
|
|
|
|
|
123rd MAINE LEGISLATURE |
|
|
LD 1373 |
|
LR 1736(01) |
|
|
|
An Act To
Authorize the Board of Trustees of the Maine State Retirement System To
Provide a Cost-of-living Adjustment to Retired Employees of Participating
Local Districts |
|
Fiscal Note for
Original Bill |
|
Sponsor: Rep. Haskell of Portland |
|
Committee: Labor |
|
Fiscal Note Required: Yes |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Note |
|
|
|
|
|
|
|
No state fiscal impact
|
|
|
|
|
|
|
|
| Fiscal Detail
and Notes |
|
|
|
|
|
|
Any
additional cost associated with providing a one-time increase of .30% for
eligible retirees of participating local districts for a cost-of-living
adjustment would be the responsibility of the district. Therefore, this legislation would result in
no additional cost to the State or the Maine State Retirement System. |
|
The actuarial
cost to the Considated Plan to provide the additional cost-of-living
adjustment is $2,241,288. As of June
30, 2006, the Consolidated Plan was 107.3% funded. If the cost-of-living adjustment is
approved, the plan would be funded at 107.2%.
Each stand-alone plan will have the option of providing the COLA and
will be responsible for funding the adjustment. |
|
|
|
|
|
|
|