|
|
|
|
|
|
|
|
132nd MAINE LEGISLATURE |
|
|
LD 462 |
|
LR 1623(01) |
|
|
|
An Act to Amend
the Eligibility Criteria for Creditable Service in the Armed Forces of the
United States Under the Maine Public Employees Retirement System |
|
Preliminary Fiscal
Impact Statement for Original Bill |
|
Sponsor: Sen. Stewart of Aroostook |
|
Committee: Labor |
|
Fiscal Note Required: Yes |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Preliminary
Fiscal Impact Statement |
|
|
|
|
|
|
|
|
|
|
FY 2025-26 |
FY 2026-27 |
Projections FY 2027-28 |
Projections FY 2028-29 |
| Net Cost
(Savings) |
|
|
|
|
|
|
General Fund |
|
$2,600,000 |
$0 |
$0 |
$0 |
|
|
|
|
|
|
|
| Appropriations/Allocations |
|
|
|
|
|
|
General Fund |
|
$2,600,000 |
$0 |
$0 |
$0 |
|
|
|
|
|
|
|
| Fiscal Detail
and Notes |
|
|
|
|
|
|
The Maine Public
Employees Retirement System will require a one-time General Fund
appropriation of $2,600,000 in fiscal year 2025-26 for the unfunded actuarial
liability created as a result of expanding the periods of conflict for which
members of the State Employee and Teacher Retirement Program who served in
the armed forces during those conflicts can purchase service credit at a
subsidized rate. Pursuant to the Constitution of Maine, Article IX, Section
18-A, unfunded liabilities may not be created except those that result from
experience losses. |
|
|
|
|
|
|
|