Sec. NN-1. 5 MRSA §17151, sub-§2, as amended by PL 1999, c. 731, Pt. XX, §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. The amount of the unfunded liability attributable to state employees and teachers as of July 1, 1999 2002, 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 19 25 years from June 30, 2000 2003. For fiscal year 2000-01 2002-03, the Legislature must appropriate or allocate and there must be transferred to the retirement system funds necessary to institute, as of July 1, 2000 2003, the 19-year 25-year amortization schedule. For each fiscal year starting with the fiscal year that begins July 1, 2001 2003, the Legislature shall appropriate or allocate and transfer to the retirement system the funds necessary to meet the 19-year 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.
This subsection is repealed July 1, 2005.
Sec. NN-2. 5 MRSA §17151, sub-§3 is enacted to read:
3. 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. The amount of the unfunded liability attributable to state employees and teachers as of July 1, 2004, 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 14 years from June 30, 2005. For fiscal year 2005-06, the Legislature must appropriate or allocate and there must be transferred to the retirement system funds necessary to institute, as of July 1, 2005, the 14-year amortization schedule. For each fiscal year starting with the fiscal year that begins July 1, 2005, the Legislature shall appropriate or allocate and transfer to the retirement system the funds necessary to meet the 14-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.
This subsection takes effect July 1, 2005.
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