Maine LD1040: An Act to Raise the Cap on Retirement Benefits for Certain State Employees and Teachers to Which a Cost-of-living Adjustment Is

What the bill says

An Act to Raise the Cap on Retirement Benefits for Certain State Employees and Teachers to Which a Costof-living Adjustment Is Made" Amend the bill by inserting after section 1 the following: 'Sec. 2. Appropriations and allocations. The following appropriations and allocations are made. RETIREMENT SYSTEM, MAINE PUBLIC EMPLOYEES Retirement System - Retirement Allowance Fund 0085 Initiative: Provides one-time funds for the actuarial cost of applying the cost-of-living adjustment to the first $40,000 of the retirement benefit being paid to retired state employees and retired teachers who retired.

From the engrossed text:

An Act to Raise the Cap on Retirement Benefits for Certain State Employees and Teachers to Which a Costof-living Adjustment Is Made" Amend the bill by inserting after section 1 the following: 'Sec. 2. Appropriations and allocations. The following appropriations and allocations are made. RETIREMENT SYSTEM, MAINE PUBLIC EMPLOYEES Retirement System - Retirement Allowance Fund 0085 Initiative: Provides one-time funds for the actuarial cost of applying the cost-of-living adjustment to the first $40,000 of the retirement benefit being paid to retired state employees and retired teachers who retired on or before June 30, 2011 or their beneficiaries. GENERAL FUND 2025-26 2026-27 All Other $0 $118,240,000 __________ __________ GENERAL FUND TOTAL $0 $118,240,000 2240 ' Amend the bill by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively. SUMMARY 2288 This amendment adds an appropriations and allocations section. 2299 FISCAL NOTE REQUIRED 3300 (See attached) Page 1 - 132LR0036(02) COMMITTEE AMENDMENT

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Sponsors

• Janice Dodge (D, 39) · primary sponsor