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This amendment
increases the limit on transfers from the Salary Plan from $20,000,000 to
$30,000,000 in fiscal year 2021-22 and from $25,000,000 to $45,000,000 in
fiscal year 2022-23. The unobligated balance in the Salary Plan as of July
2021 is $80,725,240. It is anticipated that additional balances will lapse to
the program at the end of the fiscal year. Since 2018, net transfers into the
Salary Plan have averaged about $12,300,000 per year. This amendment also
eliminates the prohibition on including lump sum payments as earnable
compensation for retirement purposes, which could increase future year
benefit costs to the Maine Public Employees Retirement System. |