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130th MAINE LEGISLATURE |
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LD 190 |
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LR 573(05) |
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An Act To Amend
the Laws Governing Retirement Benefit Reductions for Corrections Officers
Currently Included in the 1998 Special Plan |
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Fiscal Note for
Bill as Engrossed with:
C "A" (S-101)
S "A" (S-367) to C "A" (S-101) |
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Committee: Labor and Housing |
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| Fiscal Note |
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FY 2021-22 |
FY 2022-23 |
Projections FY 2023-24 |
Projections FY 2024-25 |
| Net Cost
(Savings) |
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General Fund |
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$0 |
$0 |
$0 |
$0 |
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| Appropriations/Allocations |
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General Fund |
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$280,000 |
$0 |
$0 |
$0 |
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| Transfers |
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General Fund |
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$280,000 |
$0 |
$0 |
$0 |
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Other Special Revenue Funds |
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($280,000) |
$0 |
$0 |
$0 |
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| Fiscal Detail
and Notes |
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This bill includes
a one-time General Fund appropriation of $280,000 in fiscal year 2021-22 to
the Retirement System - Retirement Allowance Fund within the Maine Public
Employees Retirement System 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. |
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The bill requires
the State Controller to transfer $280,000 from the Administration - Attorney
General, Other Special Revenue Funds account within the Department of the
Attorney General to the unappropriated surplus of the General Fund no later
than October 1, 2021. |
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