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131st MAINE LEGISLATURE |
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LD 483 |
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LR 1113(01) |
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An Act to Amend
the Laws Governing Retirement Benefit Reductions for Certain Employees
Currently Included in the 1998 Special Plan |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Rep. Pluecker of Warren |
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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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$170,054 |
$0 |
$0 |
$0 |
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| Appropriations/Allocations |
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General Fund |
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$170,054 |
$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 $170,054 in fiscal year 2023-24 for the increase in the
unfunded actuarial liability created as a result of allowing the service
retirement benefits for certain employees in the Department of Corrections
earned under the regular state employee and teacher plan to be calculated
under the 1998 Special Plan. 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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