124th MAINE LEGISLATURE
		LD 1595		LR 2179(01)
	An Act To Provide Continued Protection of Benefits for Retirees of the Maine Public Employees Retirement System
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Sen. Mitchell of Kennebec
	Committee: Labor
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
Potential current biennium savings - All Funds
Fiscal Detail and Notes
	This bill extends to multiple years the number of times a cost-of-living adjustment may be made to recapture actuarial gains lost as a result of a decline in the consumer price index without retirement benefit amounts being reduced to reflect that decline pursuant to statutory changes made in Public Law 2009, chapter 433.  This legislation ensures the cost neutrality of PL 2009, chapter 433 for the unusual case where the consumer price index in any year is not sufficient to compensate for it having been below zero in the previous year.  Without this bill it could be possible that the full cost of keeping retirees from having negative pension adjustments would not be recaptured by the defined benefit plans administered by the Maine Public Employees Retirement System.