| 123rd MAINE LEGISLATURE | ||||||
| LD 549 | LR 1663(02) | |||||
| An Act To Fund the Purchase of Maine State Retirement System Time by Certain Veterans | ||||||
| Fiscal Note for Bill as Amended by Committee Amendment " " | ||||||
| Committee: Appropriations and Financial Affairs | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| 2007-08 | 2008-09 | Projections 2009-10 | Projections 2010-11 | |||
| Net Cost (Savings) | ||||||
| General Fund | $177,597 | $151,739 | $166,987 | $31,969 | ||
| Appropriations/Allocations | ||||||
| General Fund | $177,597 | $151,739 | $166,987 | $31,969 | ||
| Fiscal Detail and Notes | ||||||
| This bill includes General Fund appropriations of $177,597 in fiscal year 2007-08 and $151,739 in fiscal year 2008-09 to the Maine State Retirement System for the cost associated with allowing 3 members per year who the System has determined are qualified to purchase military service credit at a subsidized rate pursuant to Public Law 2003, Chapter 693. These amounts were based on estimates provided by the Retirement System in February 2007 for the ten members who were determined to be qualified in 2004, 2005 and 2006. | ||||||
| Because this legislation does not describe the order in which qualified members would be funded, this fiscal note assumes that funding will be provided based on qualified members' 1st eligibility date. | ||||||