PUBLIC Law Chapter 12

	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~~This subsection is repealed July 1, 2005.~~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. R-2. 5 MRSA §17151, sub-§3, as enacted by PL 2003, c. 20, Pt. NN,
§2, is repealed.

Sec. R-3. Calculation and transfer; General Fund savings; retirement amortization.
Notwithstanding any other provision of law, the State Budget
Officer shall calculate the amount of savings in section 5 of
this Part that applies against each General Fund account for all
departments and agencies except legislative branch departments
and agencies from extending the amortization schedule of the
unfunded liability of the Maine State Retirement System and shall
transfer the amounts by financial order upon the approval of the
Governor. These transfers are considered adjustments to
appropriations in fiscal

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