Sec. 4. Collective bargaining agreements approval. As required by the Maine Revised Statutes, Title 5, section 17103, subsection 14, collective bargaining agreements covering the period beginning November 1, 2003 and ending October 31, 2006 between the Maine State Retirement System and the Maine State Employees Association for the retirement system's administrative services, professional-technical and supervisory bargaining units are approved. The allocations made in section 1 and the attributions made in section 2 include the amounts required to fund the collective bargaining agreements in fiscal year 2004-05. Amounts required to fund the collective bargaining agreements in fiscal year 2005-06 and 4 months of fiscal year 2006-07 are subject to specific appropriation requests to be submitted to the 122nd Legislature for review and approval.

Sec. 5. Authorization to expend retirement system reserve administrative operating funds. Of the amount authorized to be expended in section 1 for the administrative costs of the Maine State Retirement System, $400,000 must be provided from the system's reserve administrative operating funds.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect July 1, 2004.

SUMMARY

Effective July 1, 1993, the Maine State Retirement System is required by statute to present its annual operating budget to the Legislature for approval. This bill is the system's 11th annual budget. It is for fiscal year 2004-05.

This bill identifies the retirement system's personal services costs and its costs for all other operating expenses.

For information purposes, the bill presents the attribution of expenses to the 3 retirement system member and employer categories: General Fund, Non-General Fund and Participating Local District.