An Act to Transfer Funds from the Service Retirement Benefit Reserve to the Maine State Retirement System in Order to Fund the Modification of Retirement Laws for Certain Law Enforcement Personnel
Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, the 118th Legislature, in enacting Public Law 1997, chapter 740, established the Service Retirement Benefit Reserve in order to accrue sufficient funds to pay the full actuarial costs for the modification of retirement laws for certain law enforcement officers; and
Whereas, sufficient funds accrued to the Service Retirement Benefit Reserve from the unappropriated surplus of the General Fund at the close of fiscal year 1997-98; and
Whereas, Public Law 1997, chapter 740 prohibits the implementation of the modification of those retirement laws unless and until the Legislature takes additional action to direct payment of the full actuarial costs of that Act to the Maine State Retirement System; and
Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,
Be it enacted by the People of the State of Maine as follows:
Sec. 1. Transfer from the Service Retirement Benefit Reserve. In accordance with Public Law 1997, chapter 740, sections 4, 5 and 6, and notwithstanding any other provisions of law, the State Controller is authorized to transfer $3,065,000 from the Service Retirement Benefit Reserve to the Maine State Retirement System no later than February 1, 1999 to pay the full actuarial costs for the modification of retirement laws in Public Law 1997, chapter 740, sections 1, 2 and 3.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective January 28, 1999.
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