Sec. C-1. Calculation and transfer; retirement amortization schedule. Notwithstanding any other provision of law, the State Budget Officer shall calculate the amount of savings in section 2 of this Part that apply against each Highway Fund account for all departments and agencies from extending the amortization schedule of the unfunded liability and shall transfer the calculated amounts by financial order upon the approval of the Governor. These transfers are considered adjustments to allocations in fiscal years 2005-06 and 2006-07.
Sec. C-2. Appropriations and allocations. The following appropriations and allocations are made.
ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF
Departments and Agencies - Statewide 0016
Initiative: Reduces funding by extending the amortization schedule for the unfunded actuarial liability of the Maine State Retirement System from 14 years to 23 years.
HIGHWAY FUND 2005-06 2006-07
Personal Services ($4,446,936) ($4,675,047)
__________ __________
HIGHWAY FUND TOTAL ($4,446,936) ($4,675,047)
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