Whereas, this legislation establishes the Consumer Price Index for All Urban Consumers as the benchmark for the cost-of-living adjustment available under the Maine Retirement System laws because that index is the most reflective of the purchasing power of the dollar for the broadest population of consumers, including retired consumers; and

Whereas, current law prescribes that the actuary of the Maine State Retirement System perform investigations of the experience of the retirement system with respect to the factors that affect the cost of the benefits provided by the retirement system as frequently as the actuary considers expedient but at least once in every 3-year period; and

Whereas, current law does not accord with recommendations of the actuary and causes significant undue expense and work; and

Whereas, immediate enactment of this legislation is necessary to avoid unnecessary expense and work in the year 2001; and

Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 3 MRSA §705 is enacted to read:

§705.__Single plan

Notwithstanding any other provision of law, for purposes of financial reporting and related financial administration, the Maine State Retirement System administers a single retirement plan, the accumulated assets of which may be used to pay benefits, including refunds of member contributions, to members or beneficiaries of members under any plan administered by the Maine State Retirement System under this chapter, Title 4, chapter 27 or Title 5, Part 20.__With respect to any employer that provides for retirement benefits for its employees through the Maine State Retirement System, nothing in this section obligates or may be construed to obligate that employer to fund any liability other than that arising and accruing to it under the Maine State Retirement System plan or plans provided by that