LD 488 LR 610(01)
An Act To Address an Inequity in the Judicial Retirement System
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Sen. Bliss of Cumberland
Committee: Judiciary
Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
2009-10 2010-11 Projections 2011-12 Projections 2012-13
Net Cost (Savings)
General Fund $85,400 $0 $0 $0
General Fund $85,400 $0 $0 $0
Fiscal Detail and Notes
The Maine Public Employees Retirement System (MainePERS) will require a one-time General Fund appropriation of $85,400 in fiscal year 2009-10 for the cost associated with recalculating the retirement benefits of five retired judges and justices who retired prior to September 20, 2007 and were not permitted to include as earnable compensation the cost-of-living adjustments granted but not funded in fiscal years 2004 and 2005 retroactive to each retired justice's and judge's effective date of retirement.  MainePERS developed this estimate based on a September 2009 effective date.  If this legislation is enacted with a later effective date, the estimate would need to be recalculated.