Sec. T-1. Prepayment of the annual cost of teachers’ retirement. The State Controller shall pay the annual cost of teachers' retirement for fiscal year 2008-09 on or before July 15, 2008 if the State Controller determines, after consultation with the State Treasurer, that there is sufficient cash flow in the General Fund to pay the entire amount due. If the State Controller determines insufficient cash flow exists to make the entire payment of the annual cost on or before July 15, 2008, the State Controller shall submit a plan to the Joint Standing Committee on Appropriations and Financial Affairs by January 1, 2008 to accelerate payments in a manner that does not adversely affect the General Fund’s operating cash or adversely affect the State Treasurer’s cash pool.
Sec. T-2. Savings calculated. The Maine State Retirement System shall calculate the annualized savings to the State by moving the payment date in accordance with any plan developed by the State Controller related to payment of the annual cost of teacher's retirement for fiscal year 2008-09.
Sec. T-3. Appropriations and allocations. The following appropriations and allocations are made.
EDUCATION, DEPARTMENT OF
Teacher Retirement 0170
Initiative: Deappropriates funds due to prepaying of retirement benefits on or before July 15, 2008 for fiscal year 2008-09.
|GENERAL FUND TOTAL||$0||($6,794,273)|