129th MAINE LEGISLATURE
		LD 1339		LR 794(01)
	An Act To Recalculate Retirement Benefits for Certain State Employees Adversely Affected by Merit Pay Freezes
	Preliminary Fiscal Impact Statement for Original Bill
	Sponsor: Rep. Pickett of Dixfield
	Committee: Labor and Housing
	Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
			FY 2019-20	FY 2020-21	Projections  FY 2021-22	Projections  FY 2022-23
Net Cost (Savings)
	General Fund		$4,000,000	$0	$0	$0
Appropriations/Allocations
	General Fund		$4,000,000	$0	$0	$0
Fiscal Detail and Notes
	The Retirement Allowance Fund within the Maine Public Employees Retirement System will require a one-time General Fund appropriation of $4,000,000 in fiscal year 2019-20 for the cost of the unfunded actuarial liability created by allowing members of the Maine Public Employees Retirement System who retired on or after March 1, 2014 and prior to June 30, 2015 to have wages lost due to merit pay freezes included in the calculation of the member's retirement benefit retroactive to the date of the member's retirement.  Pursuant to the Constitution of Maine, Article IX, Section 18-A, unfunded liabilities may not be created except those that result from experience losses.