LD 468
pg. 281
Page 280 of 348 An Act Making Unified Appropriations and Allocations for the Expenditures of St... Page 282 of 348
Download Bill Text
LR 2149
Item 1
 
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, 2002 2004, 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 25 23 years from June 30, 2003 2005. For fiscal
year 2002-03 2004-05, the Legislature must appropriate or
allocate and there must be transferred to the retirement system
funds necessary to institute, as of July 1, 2003 2005, the 25-
year 23-year amortization schedule. For each fiscal year
starting with the fiscal year that begins July 1, 2003 2005, the
Legislature shall appropriate or allocate and transfer to the
retirement system the funds necessary to meet the 25-year 23-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.

 
This subsection is repealed July 1, 2005.

 
Sec. S-2. 5 MRSA §17151, sub-§3, as enacted by PL 2003, c. 20, Pt. NN,
§2, is repealed.

 
PART T

 
Sec. T-1. 5 MRSA §1582, as amended by PL 1975, c. 771, §71, is
further amended to read:

 
§1582. Handling appropriations

 
No appropriations Appropriations to any state department or
agency shall do not become available for expenditure until

Page 280 of 348 Top of Page Page 282 of 348
Additional Information
Amendments Public Hearings Committee Information
Other Documents Work Sessions Title & Section
Related Pages
Status for LD 468 Search Bill Text Session Information
Bill Directory Search
Bill
Status		 Legislative Information
Download RTF (MS-Word) Maine Legislature
Office of Legislative Information
100 State House Station
Augusta, ME 04333		 voice: (207) 287-1692
fax: (207) 287-1580
tty: (207) 287-6826
Word Viewer for Windows Disclaimer