123rd MAINE LEGISLATURE
		LD 1511		LR 1280(04)
	RESOLUTION, Proposing an Amendment to the Constitution of Maine To Dispose of Unfunded Liabilities in State Retiree Health Care Plans
	Fiscal Note for Senate Amendment "     " to Committee Amendment "A"
	Sponsor: Sen. Mills, P. of Somerset
	Fiscal Note Required: Yes
Fiscal Note
Current biennium cost increase - General Fund
Fiscal Detail and Notes
	If the voters approve the referendum in November, this amendment would accelerate the timing of  increased annual contributions necessary to fund the liability of the retiree health plans over that assumed in the Committee Amendment.  The Administration's current 10-year plan to ramp up annual contributions would increase contributions as a percentage of payroll from 5.9% in fiscal year 2008-09 to 13.4% by fiscal year 2019.   This amendment may require an increase of this magnitude by fiscal year 2008-09.