123rd MAINE LEGISLATURE
LD 1934 LR 2753(01)
An Act To Require the State To Divest Itself of Funds from Companies Doing Business with Iran
Fiscal Note for Original Bill
Sponsor: Sen. Strimling of Cumberland
Committee: Labor
Fiscal Note Required: Yes
             
Fiscal Note
Undetermined future biennium cost increase - All Funds
Fiscal Detail and Notes
This legislation may increase costs to the State and other public employers who make contributions to the Maine Public Employees Retirement System (MainePERS) to fund the pension benefits of State employees, teachers, judges, legislators and municipal employees.  Divestiture of MainePERS holdings from companies that do business with Iran may result in the future investment performance of the MainePERS Trust Funds being lower than the 7.75% projected investment return currently in place.  A lower than anticipated return on investment will result in higher contributions from the State and other public employers.  The actual impact of this measure on investment returns can not be determined at this time.
The additional costs to the Treasurer of State and the Board of Trustees of the Maine Public Employees Retirement System associated with the report requirement can be absorbed within existing budgeted resources.