121st Maine Legislature
		Office of Fiscal and Program Review
		LD 1009
		An Act Concerning Retirement Benefits for State Employees
		LR 1654(03)
		Fiscal Note for Bill as Amended by Committee Amendment " "
		Committee: Labor
		Fiscal Note Required: Yes
Fiscal Note
					Projections	Projections
			2003-04	2004-05	2005-06	2006-07
Net Cost (Savings)
	General Fund		$76,081	$0	$0	$0
Appropriations/Allocations
	General Fund		$76,081	$0	$0	$0
Fiscal Detail and Notes
	This bill revises the definition of average final compensation such that no reduction will be experienced for the days without pay required for state employees during the fiscal year beginning July 1, 2002.  This legislation requires only those retirees for whom the inclusion of shutdown day earnings would result in an increased retirement benefit to pay the employee contributions associated with those lost earnings and allows for those missed contributions and accrued interest to be deducted from a retiree's first benefit check.  This bill includes a one-time General Fund appropriation of $76,081 in fiscal year 2003-04 to the Maine State Retirement System for the payment of the employer contributions associated with the shutdown earnings to be included in the calculation of retirement benefits.  This appropriation is based on an estimate, developed by the Maine State Retirement System, that reflects the amount of employer contributions associated with those current and future retirees for whom it is expected that fiscal year 2002-03 could be one of the average final compensation years used in the benefit calculation.