LD 947 LR 1856(01)
An Act To Amend the Laws To Ensure Equity in the Judicial Retirement Program
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Rep. Trinward of Waterville
Committee: Judiciary
Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
No State fiscal impact
Fiscal Detail and Notes
If the intent of this legislation is to require the cost of the increased actuarial liability associated with transferring creditable service from the Legislative Program to the Judicial Program be borne by the member, there is no fiscal impact to the State.  However, if the intent of this legislation is for the State to pay the additional costs, there will be an increase in both the normal cost component and past service liabilities in the Judicial Branch.  The amount can not be determined at this time and will require the services of the System's actuary.  Those services will be requested, if necessary, once the intent of the legislation is known.