| 123rd MAINE LEGISLATURE | ||||||
| LD 549 | LR 1663(01) | |||||
| An Act To Fund the Purchase of Maine State Retirement System Time by Certain Veterans | ||||||
| Fiscal Note for Original Bill | ||||||
| Sponsor: Rep. Jackson of Allagash | ||||||
| Committee: Appropriations and Financial Affairs | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| 2007-08 | 2008-09 | Projections 2009-10 | Projections 2010-11 | |||
| Net Cost (Savings) | ||||||
| General Fund | $88,202 | $127,138 | $8,403 | $0 | ||
| Appropriations/Allocations | ||||||
| General Fund | $88,202 | $127,138 | $8,403 | $0 | ||
| Fiscal Detail and Notes | ||||||
| This bill includes General Fund appropriations of $88,202 in fiscal year 2007-08 and $127,138 in fiscal year 2008-09 to the Maine State Retirement System for the cost associated with allowing 3 members per year who the System has determined are qualified to purchase military service credit at a subsidized rate pursuant to Public Law 2003, Chapter 693. These amounts were based on estimates provided by the Retirement System in January 2007 for the eight members who were determined to be qualified in 2004 and 2005. Since that time, the Retirement System has determined that two additional members were qualified to purchase military service credit at a subsidized rate in 2006. Based on this updated information, the Maine State Retirement System would require General Fund appropriations totaling $177,597 in fiscal year 2007-08 and $151,739 in fiscal year 2008-09 to fund this provision. The costs in fiscal years 2009-10 and 2010-11 are estimated to be $166,987 and $31,969, respectively. | ||||||
| Because this legislation did not provide direction as to the order in which qualified members would be funded, this fiscal note assumes that funding will be provided based on qualified members' 1st eligibility date. If this bill is amended to direct that funding for qualified members be provided using an alternative method, the cost in each fiscal year will be different. | ||||||