| 122nd MAINE LEGISLATURE | |||||||||
| LD 490 | LR 0702(01) | ||||||||
| An Act To Eliminate the Offset for Social Security and Certain Other Pensions for Unemployment Benefits | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Campbell of Newfield | |||||||||
| Committee: Labor | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Undetermined current biennium cost increase - All Funds | |||||||||
| Future biennium revenue increase - Other Funds | |||||||||
| Fiscal Detail and Notes | |||||||||
| The Department of Labor estimates this bill will increase benefits paid from the Unemployment Compensation Trust Fund beginning in fiscal year 2005-06. The amount can not be determined at this time. However, estimates developed by the Department of Labor using 2004 data indicated the increase in benefit costs to be approximately $4,600,000. The cost increase in this bill is not expected to impact the unemployment contributions schedule until 2010 based on projections developed using the Consensus Economic Forecasting Commission Forecast of October 2004. The State and all other direct reimbursement employers will be required to repay the Unemployment Compensation Trust Fund for the additional benefit payments. | |||||||||