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131st MAINE LEGISLATURE |
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LD 112 |
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LR 207(01) |
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An Act to
Increase the State's Share of Retired Teacher Health Insurance |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Rep. Dodge of Belfast |
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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 2023-24 |
FY 2024-25 |
Projections FY 2025-26 |
Projections FY 2026-27 |
| Net Cost
(Savings) |
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General Fund |
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$3,268,715 |
$6,828,304 |
$7,132,119 |
$7,449,453 |
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| Appropriations/Allocations |
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General Fund |
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$3,268,715 |
$6,828,304 |
$7,132,119 |
$7,449,453 |
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| Fiscal Detail
and Notes |
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The Retired
Teachers' Health Insurance Program within the Department of Education will
require General Fund appropriations of $3,268,715 in fiscal year 2023-24 and
$6,828,304 in fiscal year 2024-25 for the costs associated with increasing
the State's contribution to the retired teachers' cost of health insurance
premiums from 55% to 60% in fiscal year 2023-24 and from 60% to 65% in fiscal
year 2024-25. The estimated cost of
this bill, provided by the Office of Employee Health and Benefits, assumes an
average increase in premiums of 4.45% per year. The total cost of this provision over time
will depend on actual health premium cost inflation and the number of retired
teachers in the future. |
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