128th MAINE LEGISLATURE
LD 723 LR 680(02)
RESOLUTION, Proposing an Amendment to the Constitution of Maine To Reduce Volatility in State Pension Funding Requirements Caused by the Financial Markets
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Appropriations and Financial Affairs
Fiscal Note Required: Yes
             
Fiscal Note
Current biennium cost increase for referendum - General Fund
Future biennium cost decrease years 1 through 10 - All Funds
Future biennium cost increase years 11 through 20 - All Funds
Referendum Costs Month/Year Election Type Question Length
Nov-17 General Referendum Standard
The Secretary of State's budget includes sufficient funds to accommodate one ballot of average length for the general election in November.  If the number or size of the referendum questions requires production and delivery of a second ballot, an additional appropriation of $107,250 may be required.
Fiscal Detail and Notes
If approved by the voters, this Constitutional amendment will increase the length of time over which experience losses are amortized from 10 years to 20 years. This will lower the amount of funding needed to pay the required employers contributions in years 1 through 10 of any particular experience loss, but increase these payments in years 11 through 20. The amounts involved will depend on the frequency and magnitude of actual losses experienced.