123rd MAINE LEGISLATURE
		LD 763		LR 1656(01)
	An Act To Allow Early Retirement for Captains in the Maine State Ferry Service
	Fiscal Note for Original Bill
	Sponsor: Rep. Pingree of North Haven
	Committee: Transportation
	Fiscal Note Required: Yes
Fiscal Note
Undetermined current biennium cost increase - Highway Fund Undetermined current biennium cost increase - Island Ferry Services Fund
Fiscal Detail and Notes
	Although this legislation is not clear how retirement benefits are to be calculated for a captain in the Maine State Ferry Service who qualifies after 20 years of creditable service or whether this benefit is to be provided on a prospective or retroactive basis, there will be additional costs to the Highway Fund and the Island Ferry Services Fund associated with this provision.  Adding ferry captains to a 20-year plan on a prospective basis will increase the normal cost component of the employer retirement rate resulting in increased employer contributions to the Maine State Retirement System.  Adding ferry captains to a 20-year plan on a retroactive basis will also result in an unfunded liability cost that would have to be funded immediately.