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 approved in Private and Special Law 1999, chapter 69.

Sec. 5. Authorization to expend retirement system reserve administrative operating funds. Of the amount authorized to be expended in section 1 for the administrative costs of the retirement system, $400,000 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, 2002.

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 9th annual budget. It is for fiscal year 2002-03.

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

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