| 123rd MAINE LEGISLATURE | ||||||
| LD 1569 | LR 1690(01) | |||||
| An Act To Allow Certain Veterans Who Did Not Previously Qualify To Buy Maine State Retirement System Time at a Subsidized Rate | ||||||
| Fiscal Note for Original Bill | ||||||
| Sponsor: Rep. Tuttle of Sanford | ||||||
| Committee: Labor | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| 2007-08 | 2008-09 | Projections 2009-10 | Projections 2010-11 | |||
| Net Cost (Savings) | ||||||
| General Fund | $88,202 | $127,138 | $8,403 | $0 | ||
| Appropriations/Allocations | ||||||
| General Fund | $88,202 | $127,138 | $8,403 | $0 | ||
| Fiscal Detail and Notes | ||||||
| This bill includes General Fund appropriations of $88,202 in fiscal year 2007-08 and $127,138 in fiscal year 2008-09 to the Maine State Retirement System for the cost of allowing 3 members per year who the System has determined are qualified to purchase military service credit at a subsidized rate pursuant to Public Law 2003, chapter 693. These amounts were based on estimates provided by the Retirement system in January 2007 for the eight members who determined to be qualified in 2004 and 2005. Since that time, the Retirement System has determined that two additional members were qualified to purchase military service credit at a subsidized rate in 2006. Based on this updated information, the Maine State Retirement System will require General Fund appropriations totaling $177,597 in fiscal year 2007-08 and $151,739 in fiscal year 2008-09 to fund this provision. | ||||||
| Because this legislation does not provide direction on the order in which qualified members would be funded, this fiscal note assumes that funding will be provided based on a qualified members first retirement eligibility date. If this bill is amended to direct that funding for qualified members be provided using an alternative method, the cost in each fiscal year will be different. | ||||||