123rd MAINE LEGISLATURE
LD 871 LR 1040(01)
An Act To Amend the Laws Relating to the Treatment of Maine State Retirement System Contributions for Terminated Members
Fiscal Note for Original Bill
Sponsor: Rep. Clark of Millinocket
Committee: Labor
Fiscal Note Required: Yes
             
Fiscal Note
Increase to Retirement Allowance Fund - Maine State Retirement System
Fiscal Detail and Notes
Allowing the Maine State Retirement System to transfer contributions of a member who has been inactive for at least 10 years and whose member contributions, not including accumulated interest, are less than $100 to the Retirement Allowance Fund is expected to increase monies in the Fund by approximately $732,000 in fiscal year 2007-08.  According the the Maine State Retirement System, there are approximately 28,000 inactive members with average contributions of $26 per member.