123rd MAINE LEGISLATURE
		LD 1373		LR 1736(02)
	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 Bill as Amended by Committee Amendment "     "
	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.