129th MAINE LEGISLATURE
		LD 1184		LR 1421(02)
	An Act Regarding Penalties for Early Retirement for Certain Members of the Maine Public Employees Retirement System
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Labor and Housing
	Fiscal Note Required: Yes
Fiscal Note
			FY 2019-20	FY 2020-21	Projections  FY 2021-22	Projections  FY 2022-23
Net Cost (Savings)
	General Fund		$5,800,000	$0	$0	$0
Appropriations/Allocations
	General Fund		$5,800,000	$0	$0	$0
Fiscal Detail and Notes
	This bill includes a one-time General Fund appropriation of $5,800,000 in fiscal year 2019-20 to the Retirement Allowance Fund within the Maine Public Employees Retirement System to fund the cost of the unfunded actuarial liability created as a result of permitting certain retired state employees and teachers who retired between July1, 2011 and July 1, 2012 to have their retirement benefit recalculated based upon a 2.25% per year early retirement reduction instead of the 6% reduction in current law prospectively beginning October 1, 2019.