Sec. R-1. 5 MRSA §17151, sub-§2, as amended by PL 2003, c. 20, Pt. NN, §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,
20022004, 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 than2523 years from June 30,20032005. For fiscal year2002-032004-05, the Legislature must appropriate or allocate and there must be transferred to the retirement system funds necessary to institute, as of July 1,20032005, the25-year23-year amortization schedule. For each fiscal year starting with the fiscal year that begins July 1,20032005, the Legislature shall appropriate or allocate and transfer to the retirement system the funds necessary to meet the25-year23-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This subsection is repealed July 1, 2005.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. R-2. 5 MRSA §17151, sub-§3, as enacted by PL 2003, c. 20, Pt. NN, §2, is repealed.
Sec. R-3. Calculation and transfer; General Fund savings; retirement amortization. Notwithstanding any other provision of law, the State Budget Officer shall calculate the amount of savings in section 5 of this Part that applies against each General Fund account for all departments and agencies except legislative branch departments and agencies from extending the amortization schedule of the unfunded liability of the Maine State Retirement System and shall transfer the amounts by financial order upon the approval of the Governor. These transfers are considered adjustments to appropriations in fiscal years 2005-06 and 2006-07. The State Budget Officer shall provide the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs a report of the transferred amounts no later than November 1, 2005.
Sec. R-4. Calculation and transfer; Other Special Revenue savings; retirement amortization. Notwithstanding any other provision of law, the State Budget Officer shall calculate the amount of savings in section 5 of this Part that applies against each Other Special Revenue funds account for all departments and agencies except legislative branch departments and agencies from extending the amortization schedule of the unfunded liability of the Maine State Retirement System and shall transfer the calculated amounts to the General Fund by financial order upon the approval of the Governor. These transfers are considered adjustments to allocations in fiscal years 2005-06 and 2006-07, including allocations from the Fund for a Healthy Maine. The State Budget Officer shall provide the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs a report of the transferred amounts no later than November 1, 2005. The following Other Special Revenue funds accounts are exempt from these calculations: the Public Reserved Lands Management Fund account and the Submerged Lands Fund account in the Department of Conservation; the Baxter State Park Authority account; the AMHI and BMHI Disproportionate Share accounts and the Public Drinking Water Fund account in the Department of Health and Human Services; the Truancy, Dropout and Alternative Education account in the Department of Education; the Administrative Revolving Loan and Project account in the Department of Environmental Protection; the Kennebec Fisheries account in the Department of Marine Resources; the Nongame Endangered Species account, Resource Management - Land account, Fisheries and Hatcheries OPS - Lake and River Protection Fund account, Enforcement Operations - Lake and River Protection Fund account, Maine Wildlife Park Fund account, Public Information and Education - Lake and River Protection Fund account and Maine Outdoor Heritage Fund account in the Department of Inland Fisheries and Wildlife; the Audit - Unorganized Territory account in the Department of Audit; and the Certified Seed Fund account in the Department of Agriculture, Food and Rural Resources.
Sec. R-5. Appropriations and allocations. The following appropriations and allocations are made.
ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF
Departments and Agencies - Statewide 0016
Initiative: Reduces funding by extending the amortization schedule for the unfunded actuarial liability of the Maine State Retirement System from 14 years to 23 years.
GENERAL FUND 2005-06 2006-07
Personal Services ($10,258,373) ($10,836,208)
__________ __________
GENERAL FUND TOTAL ($10,258,373) ($10,836,208)
OTHER SPECIAL REVENUE
FUNDS 2005-06 2006-07
Personal Services ($2,724,765) ($2,879,108)
__________ __________
OTHER SPECIAL REVENUE
FUNDS TOTAL ($2,724,765) ($2,879,108)
ADMINISTRATIVE AND FINANCIAL SERVICES,
DEPARTMENT OF
DEPARTMENT TOTALS 2005-06 2006-07
GENERAL FUND ($10,258,373) ($10,836,208)
OTHER SPECIAL REVENUE
FUNDS ($2,724,765) ($2,879,108)
__________ __________
DEPARTMENT TOTAL -
ALL FUNDS ($12,983,138) ($13,715,316)
EDUCATION, DEPARTMENT OF
Teacher Retirement 0170
Initiative: Provides for a reduction in funding by extending the amortization schedule for the unfunded actuarial liability of the Maine State Retirement System from 14 years to 23 years.
GENERAL FUND 2005-06 2006-07
All Other ($55,500,447) ($58,552,627)
__________ __________
GENERAL FUND TOTAL ($55,500,447) ($58,552,627)
EDUCATION, DEPARTMENT OF
DEPARTMENT TOTALS 2005-06 2006-07
GENERAL FUND ($55,500,447) ($58,552,627)
__________ __________
DEPARTMENT TOTAL -
ALL FUNDS ($55,550,447) ($58,552,627)
SECTION TOTALS 2005-06 2006-07
GENERAL FUND ($65,758,820) ($69,388,835)
OTHER SPECIAL REVENUE
FUNDS ($2,724,765) ($2,879,108)
__________ __________
SECTION TOTAL -
ALL FUNDS ($68,483,585) ($72,267,943)
Sec. R-6. Appropriations and allocations. The following appropriations and allocations are made.
LEGISLATURE
Legislature
Initiative: Reduces funding by extending the amortization schedule for the unfunded actuarial liability of the Maine State Retirement System from 14 years to 23 years.
GENERAL FUND 2005-06 2006-07
Personal Services ($391,065) ($415,586)
__________ __________
GENERAL FUND TOTAL ($391,065) ($415,586)
LEGISLATURE, DEPARTMENT OF
DEPARTMENT TOTALS 2005-06 2006-07
GENERAL FUND ($391,065) ($415,586)
__________ __________
DEPARTMENT TOTAL -
ALL FUNDS ($391,065) ($415,586)
LAW AND LEGISLATIVE REFERENCE LIBRARY
Law and Legislative Reference Library
Initiative: Reduces funding by extending the amortization schedule for the unfunded actuarial liability of the Maine State Retirement System from 14 years to 23 years.
GENERAL FUND 2005-06 2006-07
Personal Services ($34,064) ($35,753)
__________ __________
GENERAL FUND TOTAL ($34,064) ($35,753)
LAW AND LEGISLATIVE REFERENCE LIBRARY,
DEPARTMENT TOTALS 2005-06 2006-07
GENERAL FUND ($34,064) ($35,753)
__________ __________
DEPARTMENT TOTAL -
ALL FUNDS ($34,064) ($35,753)
OFFICE OF PROGRAM EVALUATION AND GOVERNMENTAL ACCOUNTABILITY
Office of Program Evaluation and Governmental Accountability
Initiative: Reduces funding by extending the amortization schedule for the unfunded actuarial liability of the Maine State Retirement System from 14 years to 23 years.
GENERAL FUND 2005-06 2006-07
Personal Services ($17,557) ($19,151)
__________ __________
GENERAL FUND TOTAL ($17,557) ($19,151)
OFFICE OF PROGRAM EVALUATION AND
GOVERNMENTAL ACCOUNTABILITY,
DEPARTMENT TOTALS 2005-06 2006-07
GENERAL FUND ($17,557) ($19,151)
__________ __________
DEPARTMENT TOTAL -
ALL FUNDS ($17,557) ($19,151)
SECTION TOTALS 2005-06 2006-07
GENERAL FUND ($442,686) ($470,490)
__________ __________
SECTION TOTAL -
ALL FUNDS ($442,686) ($470,490)
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