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131st MAINE LEGISLATURE |
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LD 426 |
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LR 1042(01) |
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An Act to Amend
the Eligibility Criteria for Creditable Service in the Armed Forces of the
United States Under the State Retirement System |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Rep. Salisbury of Westbrook |
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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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$2,600,000 |
$0 |
$0 |
$0 |
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| Appropriations/Allocations |
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General Fund |
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$2,600,000 |
$0 |
$0 |
$0 |
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| Fiscal Detail
and Notes |
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The Maine Public
Employees Retirement System will require a one-time General Fund
appropriation of $2,600,000 in fiscal year 2023-24 for the unfunded actuarial
liability created as a result of expanding the periods of conflict for which
members of the State Employee and Teacher Retirement Program who served in
the armed forces during those conflicts can purchase service credit at a
subsidized rate. 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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