Amend the bill by inserting after section 1 the following:
‘Sec. 2. Payment by member. For any judge or justice who retired prior to September 20, 2007, the salary imputed under this Act may be included in the earnable compensation of a member to whom this Act applies only if the member pays the full actuarial costs of including the imputed salary.’
Amend the bill by striking out all of section 2 and inserting the following:
‘Sec. 2. Calculation; implementation. For any judge or justice who elects to make the payment as required by section 2, the Maine Public Employees Retirement System shall recalculate that judge’s or justice’s retirement benefits based on the effective retirement date of that judge or justice and must include the cost-of-living adjustments as set forth in the Maine Revised Statutes, Title 4, section 1201, subsection 9, as amended by this Act.’
Amend the bill by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.
This amendment requires that the judges and justices who may benefit from revision of the application of the imputed salary, as provided in Public Law 2007, chapter 449, must pay all costs to the retirement program associated with including that salary in order to receive the increased benefits.
FISCAL NOTE REQUIRED