121st Maine Legislature
		Office of Fiscal and Program Review
		LD 672
		An Act To Allow Certain Employees of the Maine Technical College System To Amend Their Retirement System Election
		LR 0755(01)
		Fiscal Note for Original Bill
		Sponsor: Sen. Edmonds of Cumberland
		Committee: Labor
		Fiscal Note Required: Yes
Fiscal Note
Minor cost increase - General Fund
Fiscal Detail and Notes
	This bill will result in no additional cost to the Maine State Retirement System for the following reasons:   1)  employees who choose to purchase service credit for the period during which no contributions were paid to the retirement system are required to pay the actuarial equivalent of the retirement benefit; and 2)  employees that opted out of the retirement system and withdrew their accumulated contributions received only the employee portion of the contributions and the interest that had accrued on those contributions.  The employer contributions remained with the plan.
	The Maine Community College System anticipates being able to absorb any additional cost of this measure within their existing resources.  The System indicates that only 30 employees in total will have the option of moving to the Maine State Retirement System,  and of those eligible, only a small number are expected to actually make the change.