Sec. 4. Collective bargaining agreements approval. The allocations made in section 1 and the attributions made in section 2 include the amounts required to fund the collective bargaining agreements in fiscal year 1999-00 in accordance with Private and Special Law 1997, chapter 12.

Sec. 5. Authorization to expend retirement system reserve administrative operating funds. Of the amount authorized to be expended in section 1, $380,000 for the administrative costs of the retirement system associated with the teachers' retirement program must be provided from the system's reserve administrative operating funds.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect July 1, 1999.

SUMMARY

Effective July 1, 1993, the Maine State Retirement System is required by statute to present its annual operating budget to the Legislature for approval. This bill is the system's 6th annual budget. It is for fiscal year 1999-00.

This bill identifies the retirement system's personal services costs and its costs for all other operating expenses.

For information purposes, this bill presents the attribution of expenses to the 3 retirement system member and employer categories: General Fund; Non-General Fund; and Participating Local District.