LD 190 LR 573(01)
An Act To Amend the Laws Governing Retirement Benefit Reductions for Corrections Officers Currently Included in the 1998 Special Plan
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Pres. Jackson of Aroostook
Committee: Labor and Housing
Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
FY 2021-22 FY 2022-23 Projections  FY 2023-24 Projections  FY 2024-25
Net Cost (Savings)
General Fund $280,000 $0 $0 $0
General Fund $280,000 $0 $0 $0
Fiscal Detail and Notes
The Retirement System - Retirement Allowance Fund within the Maine Public Employees Retirement System will require a one-time General Fund appropriation of $280,000 in fiscal year 2021-22 for the cost of the unfunded actuarial liability created by allowing service retirement benefits of certain workers in the Department of Corrections who received a direct care stipend and who are currently under the 1998 Special Plan but had previously earned retirement benefits under the regular state employee and teacher plan to have all their benefits calculated under the 1998 Special Plan.