| 122nd MAINE LEGISLATURE | |||||||||
| LD 1470 | LR 2071(01) | ||||||||
| An Act To Give Retirement Credits to Judges Who Have Served in the Legislature | |||||||||
| Fiscal Note for Original Bill | |||||||||
| Sponsor: Rep. Mills of Farmington | |||||||||
| Committee: Labor | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Undetermined current biennium cost increase - General Fund | |||||||||
| Undetermined current biennium cost increase - Federal Expenditures Fund | |||||||||
| Fiscal Detail and Notes | |||||||||
| Allowing a judge that is a member of the Maine Judicial Retirement System to transfer any prior creditable service earned as a legislator while enrolled in the Maine Legislative Retirement System will increase the unfunded liablility of the Maine State Retirement System. Pursuant to the Constitution of Maine, Article IX, Section 18-A, unfunded liabilities may not be created except those that result from experience losses. The Maine State Retirement System will require one-time additional General Fund appropriations and Federal Expenditures Fund allocations, the amounts of which can not be determined at this time, representing the full actuarial value of the increase to the unfunded liability. This provision will also increase the normal cost component of the employer retirement rate and will result in additional ongoing retirement costs to the Judicial Department. | |||||||||