Sec. R-1. 5 MRSA §17151, sub-§2, as amended by PL 1991, c. 591, Pt. P, §1, is further amended to read:
2. Intent. It is the intent of the Legislature that there must be appropriated and transferred annually to the retirement system the funds necessary to meet the system's long-term and short-term financial obligations based on the actuarial assumptions established by the board upon the advice of the actuary, except that for fiscal year 1991-92 the annual appropriation must be $73,500,000 less than the amount that would otherwise be applied toward the unfunded liability of the system. It is the intent of the Legislature that the amount of the reduction, together with the balance of the unfunded liability in the retirement system on July 1, 1993, must be placed on a 27-year amortization schedule. The amount of the unfunded liability attributable to state employees and teachers as of July 1, 1996, as certified by the board or as that amount may be revised in accordance with the terms of the certification, must be retired in no more than 25 years from June 30, 1998. For fiscal year 1998-99, the Legislature must appropriate or allocate and there must be transferred to the retirement system funds necessary to institute, as of July 1, 1998, the 25-year amortization schedule. For each fiscal year starting with the fiscal year that begins July 1, 1998, the Legislature shall appropriate or allocate and transfer to the retirement system the funds necessary to meet the 25-year requirement set forth in this subsection, unless the Legislature establishes a different amortization period. Funds that have been appropriated must be considered assets of the retirement system.
A. The goal of the actuarial assumptions is to achieve a fully funded retirement system.
B. The retirement system's unfunded liability for persons formerly subject to the Maine Revised Statutes of 1944, chapter 37, sections 212 to 220 must be repaid to the system from annual appropriations over the funding period of the retirement system.
C. This section may not be construed to require the State to appropriate and transfer funds to meet the obligations of participating local districts to the retirement system.
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