131st MAINE LEGISLATURE
		LD 426		LR 1042(02)
	An Act to Amend the Eligibility Criteria for Creditable Service in the Armed Forces of the United States Under the State Retirement System
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Labor and Housing
	Fiscal Note Required: Yes
Fiscal Note
			FY 2023-24	FY 2024-25	Projections  FY 2025-26	Projections  FY 2026-27
Net Cost (Savings)
	General Fund		$2,600,000	$0	$0	$0
Appropriations/Allocations
	General Fund		$2,600,000	$0	$0	$0
Fiscal Detail and Notes
	This bill includes a one-time General Fund appropriation of $2,600,000 in fiscal year 2023-24 to the Retirement System - Retirement Allowance Fund program within the Maine Public Employees Retirement System (MainePERS) 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.
	Additional costs to MainePERS to prepare a required report can be absorbed within existing budgeted resources.