127th MAINE LEGISLATURE
		LD 60		LR 134(01)
	An Act To Ensure Proper Funding for Teacher Retirement
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Rep. Kumiega, III of Deer Isle
	Committee: Education and Cultural Affairs
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
			FY 2015-16	FY 2016-17	Projections  FY 2017-18	Projections  FY 2018-19
Net Cost (Savings)
	General Fund		$18,944,530	$19,638,890	$19,638,890	$19,638,890
Appropriations/Allocations
	General Fund		$18,944,530	$19,638,890	$19,638,890	$19,638,890
Fiscal Detail and Notes
	The Teacher Retirement program within the Department of Education will require new General Fund appropriations of $18,944,530 in fiscal year 2015-16 and $19,638,890 in fiscal year 2016-17 to fund the portion of normal teacher retirement costs currently paid by school administrative units. The current state share of the normal cost of teacher retirement, $18,346,560 in fiscal year 2015-16 and $18,957,388 in fiscal year 2016-17, would be deappropriated from the General Purpose Aid for Local Schools program and appropriated through the Teacher Retirement program to aggregate all the state funding in one program.
	This preliminary fiscal impact statement assumes that the initiatives affecting funding for the normal cost component for teacher retirement in the Governor's 2016-2017 Biennial Budget are enacted as proposed. The fiscal impact of this bill may need to be revised based on final legislative action on that budget.