| 122nd MAINE LEGISLATURE | |||||||||
| LD 1269 | LR 1841(01) | ||||||||
| An Act To Change the Retirement Eligibility Requirements for Investigators in the Office of the Attorney General and the Department of the Secretary of State | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Sen. Bartlett of Cumberland | |||||||||
| Committee: Labor | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Undetermined current biennium cost increase - General Fund | |||||||||
| Undetermined current biennium cost increase - Highway Fund | |||||||||
| Undetermined current biennium cost increase - Federal Expenditures Fund | |||||||||
| Undetermined current biennium cost increase - Other Special Revenue Funds | |||||||||
| Fiscal Detail and Notes | |||||||||
| This legislation will add investigators in the Office of the Attorney General and the Department of the Secretary of State to the 1998 Special Plan. If this group of employees is added to the plan on a prospective basis only, the normal cost component of the employer retirement rate for these members would increase from 6.04% to 6.89%. | |||||||||
| If this group of employees is added to the special plan on a retroactive basis, an unfunded liablity will be created. Pursuant to the Constitution of Maine, Article IX, Section 18-A, unfunded liabilities may not be created except those that result from experience losses. The Maine State Retirement System will require one-time additional General Fund appropriations and Highway Fund and other funds allocations, the amounts of which can not be determined at this time and will require the services of the Maine State Retirement System's actuary. | |||||||||