123rd MAINE LEGISLATURE
		LD 1996		LR 3094(01)
	An Act To Allow Changes of Beneficiaries under the Maine Public Employees Retirement System
	Fiscal Note for Original Bill
	Sponsor: Sen. Benoit of Sagadahoc
	Committee: Labor
	Fiscal Note Required: Yes
Fiscal Note
Current biennium cost increase - All Funds
Fiscal Detail and Notes
	This legislation will allow retirees in the Judicial Retirement Plan, the State Employee and Teacher Retirement Plan and the Participating Local Districts Plan, who elected an optional method of payment of a service retirement benefit, to change a designated beneficiary more than once.  This provision will increase the normal cost component of the employer retirement rate resulting in increased employer contributions to the Maine Public Employees Retirement System for state employees and teachers.  The impact can not be determined at this time.  Calculation of costs requires the services of the System's actuary, which may be requested at the direction of the Labor Committee pursuant to 5 MRSA §17103, sub-§9-B.