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130th MAINE LEGISLATURE |
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LD 548 |
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LR 1715(02) |
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An Act Regarding
Penalties for Early Retirement for Certain Members of the Maine Public
Employees Retirement System |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Labor and Housing |
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Fiscal Note Required: Yes |
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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 |
$6,700,000 |
$0 |
$0 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$6,700,000 |
$0 |
$0 |
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| Fiscal Detail
and Notes |
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This bill includes
a one-time General Fund appropriation of $6,700,000 in fiscal year 2022-23 to
the Retirement System - Retirement Allowance Fund program within the Maine
Public Employees Retirement System to pay for the unfunded actuarial
liability created by permitting certain state employees who retired between
July 1, 2011 and January 1, 2012 and certain teachers who retired between
July 1, 2011 and July 1, 2012 to have their retirement benefits recalculated
based on an early retirement reduction of 2.25% per year rather than the 6%
early retirement reduction in current law.
This recalculation would be effective on August 1, 2022. |
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