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131st MAINE LEGISLATURE |
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LD 1499 |
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LR 850(01) |
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An Act Regarding
Penalties for Early Retirement for Certain Members of the Maine Public
Employees Retirement System |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Rep. Shagoury of Hallowell |
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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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$5,946,000 |
$0 |
$0 |
$0 |
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| Appropriations/Allocations |
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General Fund |
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$5,946,000 |
$0 |
$0 |
$0 |
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| Fiscal Detail
and Notes |
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The Retirement
Allowance Fund within the Maine Public Employees Retirement System will
require a one-time General Fund appropriation of $5,946,000 in fiscal year
2023-24 to pay for the unfunded actuarial liability created by permitting
certain state employees who retired between July 1, 2011 and January 1, 2012
and certain teachers who retired between July 1, 2011 and July 1, 2012 to
have their retirement benefits recalculated based on an early retirement
reduction of 2.25% per year rather than the 6% early retirement reduction in
current law. This recalculation would
be effective on October 1, 2023. |
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