LD 1582 LR 2381(02)
An Act To Bring the Laws of the Maine Public Employees Retirement System into Compliance with the Federal Internal Revenue Code
Fiscal Note for Bill as Amended by Committee Amendment "   "
Committee: Labor
Fiscal Note Required: Yes
Fiscal Note
Avoids potential liabilities - All Funds
Fiscal Detail and Notes
If approved by the Legislature, this legislation will have no fiscal impact on the defined benefit plans administered by the Maine Public Employees Retirement System.  
However, not approving this bill may result in the defined benefit plans being ruled out of compliance with the United States Internal Revenue Code and may result in the loss of the plans' qualified plan status.  The loss of qualified plan status could result in significant costs to both employers and employees that participate in the plans due to past taxes, penalties and interest charges to the employer and loss of ongoing favorable tax treatment to employees.