An Act Establishing the Retirement Benefit Improvement Fund
Maine Legislature, Session 132, LD 1003
Committee Amendment CA_A_SA_A_S705 (Senate)

SENATE AMENDMENT "A " to COMMITTEE AMENDMENT "A" to H,P. 650,
L.D. 1003, "An Act Establishing the Retirement Benefit Improvement Fund"
Amend the amendment by striking out the title and substituting the following:
'An Act Establishing the Retirement Improvement Fund'
Amend the amendment by striking out everything after the title and inserting the
following:
'Amend the bill by striking out every thing after the enacting clause and inserting the
following:
'See. 1. 5 MRSA c. 421, sub-c. 4, art. 10 is enacted to read:
ARTICLE 10
RETIREMENT IMPROVEMENT FUND
S17446. Retirement Improvement Fund
1. Establishment of fund. The Retirement Improvement Fund. referred to in this
section as "the fund. is established within and administered bv the retirement svstem as an
interest-bearine. nonlapsiae fund for the payment of retirement benefit imorovements.
2. Content of fund. The fund consists of all money transferred to the fund under this
section and other money made available to the fund. which may include but is not limited
to legislative appropriations from the General Fund or any other fund. theunappropriated
surplus of the General Fund or any other source or fund identified^ or established through
law.
3. Use of fund. Money in the fund must be used to pay for retirement benefit
improvements. Whenever the fond has sufficient capital to oav for an increase in the
amount of at least $ 1.000 on the benefit base on which the annual cost-of-livine adjustment
is applied pursuant to section 17806. subsection 1 . oaraeraph A. for all beneficiaries in the
retirement system, that increase must be applied but only until the benefit base reaches
$40.000.
SENATE AMENDMENT
•^yu SENATE AMENDMENT "^ " to COMMITTEE AMENDMENT "A" to H.P, 650, L.D. 1003 ft '"^S^
I 4. Reoortine. By March I. 2029 and annually thereafter. the retirement system shall
submit a report reeardm« implementation of this section to the joint standing committee of
the Legislature havine jurisdiction over retirement matters that includes the followme
information Ibr that fiscal year and the prior 3 fiscal years:
A. The amount of money transferred to the fund pursuant to subsection 2:
B. The total increases made to the benefit base on which the annual cost-of-livme
adjustment must be applied in accordance with subsection 3:
C, The amount of any payment made or required to be made ^ to any reniainme
oblieation for the unftmded actuarial liability: and
D. The balance ia_thefundi
Sec. 2. Legislative intent. It is the intention of the Legislature through this Act to
provide for a sufficient retirement by increasing the cost-of-living adjustment for retired
state employees, teachers and their beneficiaries, to the greatest extent possible within
existing state resources, including the future use of current state appropriations dedicated
to the payment of the unfunded actuarial liability when those funds are no longer needed
for payment of the existing liability.
Sec. 3. Appropriations and allocations. The following appropriations and
allocations are made,
ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF
Retirement Improvement Fund N521
Initiative: Provides base allocations to authorize the expenditure of funds to pay for
retirement benefit improvements for retired state employees and teachers and their
beneficiaries,
OTHER SPECIAL REVENUE FUNDS 2025-26 2026-27
All Other $0 $500
OTHER SPECIAL REVENUE FUNDS TOTAL $0 $500
"
Amend the amendment by relettering or renumbering any nonconsecutive Part letter or
section number to read consecutively.
SUMMARY
This amendment establishes the Retirement Improvement Fund to be used for the
payment of retirement benefit improvements.
SPONSORED BY:
(Senator ROTUNDO,M.)
COUNTY: Androscoggin
P1SCALNOTB REQUIRED
(SMBttttxd)
SENATE AMENDMENT
Revised; 04,13/26 i-Kt-
132nd MAmE LEGISLATURE
LD 1003 LR 1598(04)
An Act Establishing the Retirement Benefit Improvement Fund
Fiscal Note for Senate Amendment '&" to Committee Amendment "A" (&-^
Sponsor; Sen. Rotundo ofAndroscoggin
Fiscal Note Required; Yes
Fiscal Note
Projections Projections
FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29
Appropriations/Aliocations
Other Special Revenue Funds ($500) $0 $0 $0
Fiscal Detail and Notes
This amendment removes the Other Special Revenue Funds baseline allocation for fiscal year 2025-26 to the
Retirement Benefit Improvement Fund (RBIF) established within the Department of Administrative and Financial
Services, The amendment also strikes the provision requiring that any remaining balance of the unappropriated
surplus of the General Fund at the end of each fiscal year be transferred, as the 5th priority, to the RBIF. This change
will increase the funds available for transfer to other priorities.
(,',-. . ';.
LR1598(04) - Fiscal Note - Page 1 of 1