An Act to Repeal the Mame Retirement Savmgs Program
Maine Legislature, Session 131, LD 1082
Committee Amendment CA_A_S78 (Senate)
Amends: 5 MRSA §12004-G

COMMITTEE AMENDMENT" A-"toSP 451,LD 1082, "AnActtoAdvancethe 
Mame Retirement Savmgs Program" 
Amend the btll by strikmg out the title and substitutmg the followmg 
'An Act to Repeal the Mame Retirement Savmgs Program' 
Amend the bill by strikmg out everythmg after the enactmg clause and before the 
emergency clause and msertmg the followmg 
'Sec. 1. 5 MRSA c. 7-A, as amended, is repealed 
Sec. 2. 5 MRSA §12004-G, sub-§33-G, as enacted by PL 2021, c 356, §2, is 
repealed 
Sec. 3. Transfer of settlement funds; fiscal year 2023-24. Notwithstandmg 
any provision of law to the contrary, no later than September 1, 2023, the State Controller 
shall transfer $1,200,000 of the funds m the Mame Retirement Savmgs Program Enterprise 
Fund established m the Mame Revised Statutes, Title 5, sect10n 178 to the private trust 
fund that holds funds received pursuant to the multtstate settlement agieement m The 
Matter of Moody's Corporation, Moody's Investors Services, Inc and Moody's Analytics, 
Inc signed February 3, 2017 Funds transferred pursuant to this section must be used solely 
for consumer and antitrust activities identified m the court decree and approved by the 
Attorney General with the consent of the President of the Senate, the Speaker of the House 
of Representatives, the Mmority Leader of the Senate and the Mmority Leader of the House 
of Representatives 
Sec. 4. 
Appropriations and allocations. The followmg appropriat10ns and 
allocat10ns are made 
MAINE RETIREMENT SAVINGS BOARD 
Mame Retirement Savmgs Program Z326 
Init1at1ve Deallocates funds to the Mame Retirement Savmgs Program Enterprise Fund 
due to the program bemg repealed 
COMMITTEE AMENDMENT 
ROS 
COMMITTEE AMENDMENT" A 
"to SP 451, L D 1082 [ $-l~J 
MAINE RETIREMENT SA VIN GS PROGRAM 
ENTERPRISE FUND 
All Other 
MAINE RETIREMENT SAVINGS PROGRAM 
ENTERPRISEYUND TOTAL 
2023-24 
($500) 
($500) 
2024-25 
($500) 
($500) 
Amend the bill by relettermg or renumbering any nonconsecutive Part letter or section 
number to read consecutively 
SUMMARY 
This amendment 1s the mmonty report of the committee and replaces the bill The 
amendment changes the title and repeals the Mame Retrrement Savmgs Program The 
amendment also reqmres repayment of the start-up funds for the program and elunmates 
the base allocations for the program 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved 04/30/23 hae 
LD 1082 
LR698(03) 
An Act to Advance the Maine Retirement Savings Program 
Fiscal Note for BIii as Amended by Comnnttee Amendment '',!'.J' l S-75') 
Committee: Health Coverage, Insurance and Financial Services 
Fiscal Note Required: Yes 
Fiscal Note 
FY2023-24 
FY2024-25 
ProJections 
FY 2025-26 
Pro1ections 
FY2026-27 
Appropnations/ Allocations 
Mame Retrrement Savmgs Program Enterpnse 
Fund 
($500) 
($500) 
($500) 
($500) 
Transfers 
Mame Retrrement Savmgs Program Enterpnse 
Fund 
Pnvate Trust Funds 
Fiscal Detatl and Notes 
($1,200,000) 
$1,200,000 
$0 
$0 
$0 
$0 
$0 
$0 
This legislation repeals the Mame Retrrement SaVIngs Program estabhshed m Pubhc Law 2021, chapter 356 as a 
voluntary program to offer mdividual defined contnbutlon retlrement accounts The program was capttahzed with a 
one-tlme transfer of $1,600,000 from funds received pursuant to the multlstate settlement agreement m the matter of 
Moody's Corporabon, Moody's Investor's Services, Inc and Moody's Analyncs, Inc to a newly created Mame 
Retrrement Savmgs Program Enterpnse Fund m fiscal year 2021-22 
The current balance m the Mame Retrrement Savmgs Program Enterpnse Fund 1s $1,484,739 This btll drrects the 
State Controller to return $1,200,000 of that balance to the settlement fund account no later than September 1, 2023, 
leaving approximately $284,739 m the Mame Retrrement Savings Program Enterpnse Fund to pay for the expenses 
and obhgatlons of the board unttl this legislatlon becomes effectlve Funds remammg m the enterpnse fund after all 
:financial obligations have been met may be returned to the settlement fund account through future legislative action 
Tb.is bill also ehmmates the base allocatlons of $500 per year m both fiscal year 2023-24 and fiscal year 2024-25 to 
the Mame Retrrement Savmgs Program Enterpnse Fund program due to the program bemg repealed 
LR0698(03) - Fiscal Note - Page 1 of 1