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132nd MAINE LEGISLATURE |
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LD 137 |
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LR 49(01) |
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An Act to Expand
the 1998 Special Retirement Plan to Include Employees Who Work for the Office
of Chief Medical Examiner |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Sen. Hickman of Kennebec |
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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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$506,874 |
$34,051 |
$35,379 |
$36,759 |
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| Appropriations/Allocations |
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General Fund |
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$506,874 |
$34,051 |
$35,379 |
$36,759 |
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Federal Expenditures Fund |
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$761 |
$1,064 |
$1,105 |
$1,149 |
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| Fiscal Detail
and Notes |
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Allowing
employees in the Office of the Chief Medical Examiner within the Department
of the Attorney General to participate in the 1998 Special Plan will require
General Fund appropriations totaling $506,874 in fiscal year 2025-26 and
$34,051 in fiscal year 2026-27 and Federal Expenditures Fund allocations of
$761 in fiscal year 2025-26 and $1,064 in fiscal year 2026-27. Of these
amounts, a one-time General Fund appropriation of $483,270 in fiscal year
2025-26 to the Retirement System - Retirement Allowance Fund within the Maine
Public Employees Retirement System is required for the unfunded actuarial
liability created as a result of allowing service retirement benefits for
these employees earned under the regular state employee and teacher plan to
be calculated under the 1998 Special Plan. Additionally, ongoing General Fund
appropriations of $23,604 and $34,051 and Federal Expenditures Fund
allocations of $761 and $1,064 in fiscal years 2025-26 and 2026-27,
respectively, to the Office of Chief Medical Examiner will be required for
the prospective costs of moving the positions to the 1998 Special Plan
effective October 1, 2025. |
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