128th MAINE LEGISLATURE
		LD 723		LR 680(03)
	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 Engrossed with: C "A" (S-148)
	Committee: Appropriations and Financial Affairs
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.