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130th MAINE LEGISLATURE |
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LD 397 |
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LR 1321(01) |
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An Act To
Recalculate Retirement Benefits for Certain State Employees Adversely
Affected by Merit Pay Freezes |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Rep. Pickett of Dixfield |
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Committee: Labor and Housing |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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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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$600,000 |
$0 |
$0 |
$0 |
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| Appropriations/Allocations |
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General Fund |
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$600,000 |
$0 |
$0 |
$0 |
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| Fiscal Detail
and Notes |
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The Retirement
Allowance Fund within the Maine Public Employees Retirement System will
require a one-time General Fund appropriation of $600,000 in fiscal year
2021-22 for the cost of the unfunded actuarial liability created by allowing
members of the Maine Public Employees Retirement System who retired on or
after March 1, 2014 and prior to June 30, 2014 to have wages lost due to
merit pay freezes included in the calculation of the member's retirement
benefit retroactive to the date of the member's retirement. Pursuant to the Constitution of Maine,
Article IX, Section 18-A, unfunded liabilities may not be created except
those that result from experience losses. |
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