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130th MAINE LEGISLATURE |
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LD 1840 |
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LR 2290(02) |
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An Act To Amend
the Laws Governing Retirement Benefit Reductions for Corrections Supervisors
Currently Included in the 1998 Special Plan |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Labor and Housing |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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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 |
$335,194 |
$0 |
$0 |
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| Appropriations/Allocations |
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General Fund |
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$0 |
$335,194 |
$0 |
$0 |
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| Fiscal Detail
and Notes |
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This bill
includes a one-time General Fund appropriation of $335,194 to the Retirement
Allowance Fund within the Maine Public Employees Retirement System
(MainePERS) for the increase in the unfunded actuarial liability created as a
result of allowing the service retirement benefits for certain employees in
the Department of Corrections earned under the regular state employee and
teacher plan to be calculated under the 1998 Special Plan. Pursuant to the
Constitution of Maine, Article IX, Section 18-A, unfunded liabilities may not
be created except those that result from experience losses. |
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