An Act to Reinvest
Maine Legislature, Session 132, LD 1872
Committee Amendment CA_B_H795 (House)

COMMITTEE AMENDMENT "[-^ " to H.P. 1243, L.D. 1872, "An Act to Reinvest
in the Pension Funds of the Maine PuKTic Employees Retu-ement System"
Amend the bill m section 1 in art, 10 in §17445 in subsection 2 in the 3rd line (page 1,
line 11 in L,D.) by strikmg out the following: "2030-31 and" and inserting the following;
'2030-31.'
Amend the bill in section 1 in art, 10 in §17445 in subsection 2 in the 3rd line (page 1,
line 11 in L,D.) by inserting after the following: "2031^2" the following: 'and 2032-33'
Amend the bill in section 1 in art, 10 in §17445 in subsection 3 in the 3rd line (page 1,
line 16 in L.D.) by inserting after the followmg; "liability" the following: 'from the General
Fund'
Amend the bill in section 1 in art. 10 in §17445 in subsection 3 in the last line (page 1,
line 17 m L.D,) by inserting after the following: "2027-28" the followmg: 'or $185.000.000.
whichever is lower
Amend the bill in section 1 in art. 10 m §17445 in subsection 5 in the first line (page
1, line 24 in L.D.) by striking out the following; "2031 and" and inserting the following:
'2031.'
Amend the bill in section 1 in art. 10 in §17445 in subsection 5 in the first line (page
1, line 24 in L,D.) by inserting after the followmg; "2032" the following: 'and 2033'
Amend the bill in section 1 in art. 10 in §17445 in subsection 5 in paragraph C in the
last line (page 1, line 32 in L.D.) by inserting after the following; "liability" the following:
'from the General Fund'
Amend the bill by relettermg or renumbering any nonconsecutive Part letter or section
number to read consecutively,
SUMMARY
This amendment includes fiscal year 2032-33 in the period of time for General Fund
revenue to be transferred annually to a nonlapsing fund created in the bill to be used to pay
COMMITTEE AMENDMENT
COMMITTEE AMENDMENT "U "toH.P. 1243, L,D, 1872
for retirement benefit improvements for retired state employees and teachers and their
beneficiaries. It also provides that the amount transferred is equal to the difference between
the amount of the payments made toward the unfunded actuarial liability from the General
Fund in the year in which the amount is transferred and the amount of those payments for
fiscal year 2027-28 or $ 18 5,000,000, whichever is lower.
FISCAL NOTE REQUIRED
(See attached)
COMMITTEE AMENDMENT
Approved; 01/23/26 t^Ki.
LD 1872 LR 2244(04)
An Act to Reinvest in the Pension Funds of the Maine Public Employees Retirement System
Fiscal Note for Bill as Amended by Committee Amendment '^" (^\-~1C
Committee: Labor
Fiscal Note Required: Yes
Fiscal Note
Diverts future revenue - General Fund
Projections Projections
FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29
^.ppropriations/Allocations
Other Special Revenue Funds $0 $0 $0 $185,000,000
Fiscal Detail and Notes
Article DC, section 18-B of the Maine Constitution requires that all unfunded actuarial liabilities (UAL) of the Maine
Public Employees Retirement System (MainePERS) existing as of June 30, 1996 be paid in full by the end of fiscal
year 2028. Once this occurs, the amount required to be paid by the State towards the UAL will decrease significantly
and the General Fund portion will become available to be appropriated for other purposes. This bill requires that the
difference in General Fund dollars between what was required to be paid towards the UAL in 2028 and what is
required to be paid in fiscal years 2028-29 through 2032-33, or $185.0 million per year, whichever is lower, be
transferred to a newly created Retirement Improvement Fund within the Maine Public Employees Retirement System
to be used to pay for retirement benefit improvements. This fiscal note assumes that the average General Fund
difference in required contributions per year will exceed $185.0 million in fiscal year 2028-29 through fiscal year
3032-33 and the amount to be transferred to the fund will be $185.0 million per year through that period.
LR2244(04) - Fiscal Note - Page 1 of 1