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131st MAINE LEGISLATURE |
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LD 483 |
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LR 1113(02) |
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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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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Labor and Housing |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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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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This bill includes
a one-time General Fund appropriation of $170,054 in fiscal year 2023-24 to
the Retirement Allowance Fund within the Maine Public Employees Retirement
System (MainePERS) 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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