LD 929 LR 333(02)
An Act Regarding the State Retirement System
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Appropriations and Financial Affairs
Fiscal Note Required: Yes
Fiscal Note
No net fiscal impact to State Retirement System
Minor cost increase - General Fund
Minor cost increase - local school administrative units
Fiscal Detail and Notes
Amending the definition of "earnable compensation" under the laws governing the State Retirement System to change how retrospective payments for compensation earned by employees are to be included in the calculation of earnable compensation may benefit some members, while others will be disadvantaged. There will be no net fiscal impact on the System.
Additonal costs to the State and to local school administrative units and local units of government to provide information on retrospective payments to the Maine Public Employees Retirement System can be absorbed within existing budgeted resources.