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131st MAINE LEGISLATURE |
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LD 1499 |
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LR 850(02) |
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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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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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$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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This bill
includes a one-time General Fund appropriation of $5,946,000 in fiscal year
2023-24 to the Retirement Allowance Fund within the Maine Public Employees
Retirement System 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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