| 124th MAINE LEGISLATURE | ||||||
| LD 1776 | LR 2539(01) | |||||
| An Act To Protect Teacher Retirement Income | ||||||
| Preliminary Fiscal Impact Statement for Original Bill | ||||||
| Sponsor: Sen. Simpson of Androscoggin | ||||||
| Committee: Labor | ||||||
| Fiscal Note Required: Yes | ||||||
| Preliminary Fiscal Impact Statement | ||||||
| Potential future biennium cost increase - General Fund | ||||||
| Fiscal Detail and Notes | ||||||
| Allowing teachers covered by the Maine Public Employees Retirement System to purchase time attributable to days off without pay during fiscal year 2009-10 and fiscal year 2010-11 as a result of actions taken by a school administrative unit will not increase the unfunded actuarial liability of the State Employee and Teacher plan. The potential impact on the employers' future contribution rate can not be determined at this time and will be based on the future experience of the plan. Because the State pays 100% of the employer's share of teacher retirement costs, any increase in the employers' contribution rate will be borne fully by the General Fund. | ||||||