LD 1319, Page 332 - 121th Legislature, FIRST REGULAR Session

	2. Intent. It is the intent of the Legislature that there
must be appropriated and transferred annually to the
retirement system the funds necessary to meet the system's
long-term and short-term financial obligations based on the
actuarial assumptions established by the board upon the advice
of the actuary. The amount of the unfunded liability
attributable to state employees and teachers as of July 1,
~~1999~~ 2002, as certified by the board or as that amount may be
revised in accordance with the terms of the certification,
must be retired in no more than 19 25 years from June 30, ~~2000~~
2003. For fiscal year ~~2000-01~~ 2002-03, the Legislature must
appropriate or allocate and there must be transferred to the
retirement system funds necessary to institute, as of July 1,
~~2000~~ 2003, the ~~19-year~~ 25-year amortization schedule. For
each fiscal year starting with the fiscal year that begins
July 1, ~~2001~~ 2003, the Legislature shall appropriate or
allocate and transfer to the retirement system the funds
necessary to meet the ~~19-year~~ 25-year requirement set forth in
this subsection, unless the Legislature establishes a
different amortization period. Funds that have been
appropriated must be considered assets of the retirement
system.

A. The goal of the actuarial assumptions is to achieve a
fully funded retirement system.

B. The retirement system's unfunded liability for persons
formerly subject to the Maine Revised Statutes of 1944,
chapter 37, sections 212 to 220 must be repaid to the
system from annual appropriations over the funding period
of the retirement system.

C. This section may not be construed to require the State
to appropriate and transfer funds to meet the obligations
of participating local districts to the retirement system.

PART OO

Sec. OO-1. 20-A MRSA c. 436 is enacted to read:

CHAPTER 436

HIGHER EDUCATION COST-SAVINGS INCENTIVE PROGRAM

§12901.__Program established

The Higher Education Cost-Savings Program, referred to in
this chapter as "the program," is established in the
Department of Administrative and Financial Services.__The
purpose of the program is to provide a financial incentive to
the University of

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