121st Maine Legislature
		Office of Fiscal and Program Review
		LD 672
		An Act To Allow Certain Employees of the Maine Technical College System To Amend Their Retirement System Election
		LR 0755(02)
		Fiscal Note for Bill as Amended by Committee Amendment " "
		Committee: Labor
		Fiscal Note Required: Yes
Fiscal Note
Minor cost increase - General Fund
Fiscal Detail and Notes
	This bill will result in no additional cost to the Maine State Retirement System for the following reasons:   1)  employees who choose to purchase service credit for the period during which no contributions were paid to the retirement system are required to pay the actuarial equivalent of the retirement benefit; and 2)  employees that opted out of the retirement system and withdrew their accumulated contributions received only the employee portion of the contributions and the interest that had accrued on those contributions.  The employer contributions remained with the plan.
	Because this legislation provides that the employee may join or rejoin the Maine State Retirement System only when the funds necessary the pay the additional costs to the Maine Community College System have been identified and designated, the Maine Community College System anticipates being able to absorb the additional cost of this measure within existing resources.