128th MAINE LEGISLATURE
		LD 1365		LR 1429(02)
	An Act To Include Additional Corrections Officers under the 1998 Special Plan for Retirement and To Amend the Laws Governing Retirement Benefits for Capitol Police Officers
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: Appropriations and Financial Affairs
	Fiscal Note Required: Yes
Fiscal Note
Current biennium cost increase - General Fund
			FY 2017-18	FY 2018-19	Projections  FY 2019-20	Projections  FY 2020-21
Net Cost (Savings)
	General Fund		$2,284,245	$0	$0	$0
Appropriations/Allocations
	General Fund		$2,284,245	$0	$0	$0
Fiscal Detail and Notes
	This bill includes a one-time General Fund appropriation of $2,284,245 in fiscal year 2017-18 to the Retirement Allowance Fund within the Maine Public Employees Retirement System for the increase in the unfunded actuarial liability of the State Employee and Teacher program as a result of allowing the service retirement benefits for certain corrections officers and capitol police officers earned under the regular state employee and teacher plan to be calculated under the 1998 Special Plan.
	This legislation will also increase the employer's contribution to the normal cost component for the 1998 Special Plan from 5.92% to 5.97%, or .05% beginning in fiscal year 2017-18.  This legislation will also increase the employer's contribution to the normal cost component for the 20 year/age 50 plan by 2.2% of the entire payroll of participants in the plan.  The costs to individual State departments and programs within those departments can not be determined and will depend on where members affected by this legislation are currently employed. Those costs are not included in the appropriation shown above.