Amend the amendment in Part T by inserting after section 24 the following:
‘Sec. T-25. Review of limit on amount of retirement benefits subject to cost-of-living adjustment. The Executive Director of the Maine Public Employees Retirement System and the Commissioner of Administrative and Financial Services shall review the limit on the amount of retirement benefits subject to the cost-of-living adjustment established in this Part and report to the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs no later than January 15, 2014. The joint standing committee shall examine the limit on the amount of retirement benefits subject to the cost-of-living adjustment established in this Part and may report out a bill on this topic to the Second Regular Session of the 126th Legislature.’
Amend the amendment by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.
Summary
This amendment directs the Executive Director of the Maine Public Employees Retirement System and the Commissioner of Administrative and Financial Services to review the limit on the amount of retirement benefits subject to the cost-of-living adjustment established in this Part and report to the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs no later than January 15, 2014. The joint standing committee is required to examine the limit on the amount of retirement benefits subject to the cost-of-living adjustment established in this Part and may report out a bill on this topic to the Second Regular Session of the 126th Legislature.
FISCAL NOTE REQUIRED
(See attached)