128th MAINE LEGISLATURE
		LD 177		LR 2017(02)
	An Act To Remove the Age Penalty for State Retirees Working at State Correctional Institutions That Are Closing
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Appropriations and Financial Affairs
	Fiscal Note Required: Yes
Fiscal Note
Potential current biennium cost increase - General Fund Potential current biennium cost increase - Federal Expenditures Fund Potential current biennium cost increase - Other Special Revenue Funds
Fiscal Detail and Notes
	This bill requires the Department of Corrections to provide a one-time payment to the Maine Public Employees Retirement System (MainePERS) for the unfunded actuarial cost of allowing eligible employees at certain state correctional facilities that close as a result of legislative action who have not reached their normal retirement age to retire and receive their full retirement benefit.  Funding for the one-time payment will be collected through a one-time increase in the percentage assessment of the department's employer share contribution rate for the unfunded actuarial liability.  The cost to the Department of Corrections cannot be determined at this time and will depend on the actual closure of these state correctional facilities through legislative action, the timing of the closure and the number of employees that would be eligible for the benefit provision as a result of the closure.
	Additional costs to the Department of Administrative and Financial Services and MainePERS associated with implementing the requirements of this legislation can be absorbed within existing budgeted resources.