CHAPTER 457

H.P. 1199 - L.D. 1691

An Act To Eliminate Pension Cost Reduction Bonding and

Provide Replacement Budgeting Measures

Be it enacted by the People of the State of Maine as follows:

PART A

Sec. A-1. PL 2005, c. 12, Pt. PPPP, §§1, 3 and 4 are repealed.

Sec. A-2. Maine State Retirement System, Administrative Expense Reserve. Notwithstanding any other provision of law, the Maine State Retirement System shall transfer $250,000 from the Administrative Expense Reserve account to the Retirement Allowance Fund on or before January 1, 2006. This transfer must be reflected as a prepayment of the unfunded actuarial liability of teachers.

Sec. A-3. Appropriations and allocations. The following appropriations and allocations are made.

EDUCATION, DEPARTMENT OF

Teacher Retirement 0170

Initiative: Provides funds for the normal cost of teachers' retirement for the 2006-2007 biennium.