123rd MAINE LEGISLATURE
LD 1630 LR 2477(01)
An Act To Address an Inequity in the Judicial Retirement System
Fiscal Note for Original Bill
Sponsor: President Edmonds of Cumberland
Committee: Judiciary
Fiscal Note Required: Yes
             
Fiscal Note
Current biennium cost increase - General Fund
Fiscal Detail and Notes
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.