123rd MAINE LEGISLATURE
		LD 1630		LR 2477(04)
	An Act To Address an Inequity in the Judicial Retirement System
	Fiscal Note for Senate Amendment "      " to Committee Amendment "A"
	Sponsor: Sen. Rotundo of Androscoggin
	Fiscal Note Required: Yes
Fiscal Note
			2007-08	2008-09	Projections 2009-10	Projections 2010-11
Net Cost (Savings)
	General Fund		($223,984)	($233,943)	($38,764)	($40,315)
Appropriations/Allocations
	General Fund		($223,984)	($233,943)	($38,764)	($40,315)
Fiscal Detail and Notes
	This amendment reduces the General Fund cost of the bill by $223,984 in fiscal year 2007-08, $233,943 in fiscal year 2008-09, $38,764 in fiscal year 2009-10 and $40,315 in fiscal year 2010-11.
	As amended, this bill includes ongoing General Fund appropriations of $188,147 in fiscal year 2007-08 and $195,672 in fiscal year 2008-09 to the Judicial Department for the increase in the employers' retirement contributions due to the provision that allows judges to include as earnable compensation imputed salary based upon cost-of-living adjustments that were not funded in 2003 and 2004.  These costs are offset in in the 2008-2009 biennium by deappropriations from the Judicial Department's budget.
	This fiscal note assumes that the one-time cost of $1,138,653 to the Maine State Retirement System for the unfunded liability cost of the provision described above will be paid from surplus funds available in the Judicial Retirement System.  As of the June 30, 2006 valuation, the Judicial Retirement System had a surplus in the amount of $1,248,240.  The surplus funds are currently used to reduce the overall employer contribution rate.