LD 1184 LR 1421(02)
An Act Regarding Penalties for Early Retirement for Certain Members of the Maine Public Employees Retirement System
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Labor and Housing
Fiscal Note Required: Yes
Fiscal Note
FY 2019-20 FY 2020-21 Projections  FY 2021-22 Projections  FY 2022-23
Net Cost (Savings)
General Fund $5,800,000 $0 $0 $0
General Fund $5,800,000 $0 $0 $0
Fiscal Detail and Notes
This bill includes a one-time General Fund appropriation of $5,800,000 in fiscal year 2019-20 to the Retirement Allowance Fund within the Maine Public Employees Retirement System to fund the cost of the unfunded actuarial liability created as a result of permitting certain retired state employees and teachers who retired between July1, 2011 and July 1, 2012 to have their retirement benefit recalculated based upon a 2.25% per year early retirement reduction instead of the 6% reduction in current law prospectively beginning October 1, 2019.