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123rd MAINE LEGISLATURE |
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LD 1630 |
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LR 2477(01) |
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An Act To Address
an Inequity in the Judicial Retirement System |
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Fiscal Note for
Original Bill |
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Sponsor: President Edmonds of Cumberland |
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Committee: Judiciary |
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Fiscal Note Required: Yes |
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Fiscal Note |
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Current biennium cost increase - General Fund |
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Fiscal Detail
and Notes |
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Allowing members
of Maine's judiciary with retirement contributions earned in the Maine
Legislative Retirement system to fully transfer these contributions to the
Maine Judicial Retirement System will increase the normal cost component of
the employer retirement rate, resulting in increased employer contributions
to the Maine State Retirement System.
This provision will also increase the unfunded liability of the Maine
State Retirement System. The amount
can not be determined at this time.
However, the Maine State Retirement System did obtain the actuarial
costs relating to the portability of benefits for judges with legislative
service in 2005. At that time, there
were three members who would have qualified for the provision. The cost of the unfunded liability was
$264,000 and the increase in the normal cost rate would have been .20% of
payroll. These costs would need to be
updated by the actuary if the Joint Standing Committee on Judiciary approves
this legislation. |
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