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130th MAINE LEGISLATURE |
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LD 1746 |
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LR 2123(01) |
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An Act To Expand
the 1998 Special Retirement Plan To Include Employees Who Work for the Office
of Chief Medical Examiner |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Sen. Hickman of Kennebec |
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Committee: Labor and Housing |
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Fiscal Note Required: Yes |
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Preliminary
Fiscal Impact Statement |
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FY 2021-22 |
FY 2022-23 |
Projections FY 2023-24 |
Projections FY 2024-25 |
Net Cost
(Savings) |
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General Fund |
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$0 |
$35,787 |
$36,932 |
$38,114 |
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Appropriations/Allocations |
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General Fund |
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$0 |
$35,787 |
$36,932 |
$38,114 |
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Federal Expenditures Fund |
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$0 |
$1,403 |
$1,448 |
$1,494 |
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Fiscal Detail
and Notes |
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Allowing
employees employed in the Office of Chief Medical Examiner within the
Department of the Attorney General on or after October 1, 2022 to participate
in the 1998 Special Plan of the Maine Public Employees Retirement System
(MainePERS) on a prospective basis will increase both the normal cost and
unfunded actuarial liability components of the employer retirement rate,
resulting in increased employer contributions to MainePERS on behalf of the
employees beginning in fiscal year 2022-23. |
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Although this
legislation includes a provision that allows for eligible employees in the
Office of Chief Medical Examiner to elect to participate in the 1998 Special
Plan, the estimated costs included in this preliminary fiscal impact
statement are based on the assumption that all eligible employees within the
office will choose to participate.
Given this assumption, the Office of Chief Medical Examiner will
require a General Fund appropriation of $35,787 and a Federal Expenditures
Fund allocation of $1,403 in fiscal year 2022-23 for the costs associated
with moving the positions to the 1998 Special Plan effective October 1, 2022. |
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