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132nd MAINE LEGISLATURE |
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LD 111 |
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LR 176(01) |
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An Act to Increase
the State's Share of Retired Teacher Health Insurance |
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Preliminary Fiscal
Impact Statement for Original Bill |
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Sponsor: Rep. Dodge of Belfast |
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Committee: Labor |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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FY 2025-26 |
FY 2026-27 |
Projections FY 2027-28 |
Projections FY 2028-29 |
| Net Cost
(Savings) |
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General Fund |
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$3,321,240 |
$6,994,531 |
$7,365,241 |
$7,755,599 |
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| Appropriations/Allocations |
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General Fund |
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$3,321,240 |
$6,994,531 |
$7,365,241 |
$7,755,599 |
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| Fiscal Detail and
Notes |
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The Retired
Teachers' Health Insurance program within the Department of Education will
require General Fund appropriations of $3,321,240 in fiscal year 2025-26 and
$6,994,531 in fiscal year 2026-27 for the costs associated with increasing
the State's contribution to the retired teachers' cost of health insurance
premiums from 60% to 65% in fiscal year 2025-26 and 65% to 70% beginning in
fiscal year 2026-27. The estimated cost of this bill assumes an average
increase in premiums of 5.3% per year. The total cost of this provision over
time will depend on actual health premium cost inflation and the number of
retired teachers in the future. |
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