126th MAINE LEGISLATURE
		LD 1369		LR 941(02)
	An Act To Change the Way Legislators Are Paid
	Fiscal Note for Bill as Amended by Committee Amendment " "
	Committee: State and Local Government
	Fiscal Note Required: Yes
Fiscal Note
			FY 2013-14	FY 2014-15	Projections  FY 2015-16	Projections  FY 2016-17
Net Cost (Savings)
	General Fund		$0	($1,737,266)	($949,324)	($2,093,870)
Appropriations/Allocations
	General Fund		$0	($1,737,266)	($949,324)	($2,093,870)
Fiscal Detail and Notes
	The change of the employment status and the payment of salaries will result in net savings to the Legislature beginning in fiscal year 2014-15.  Estimated net savings for the 127th Legislature are projected to be $1,737,266 in fiscal year 2014-15 for the first regular session and $949,324 in fiscal year 2015-16 for the second regular session.  A General Fund deappropriation of $1,737,266 is included in the bill to recognize the savings in fiscal year 2014-15.
	The Maine Public Employees Retirement System will incur additional costs to close the Legislative Retirement Plan.  Whether the surplus funds currently in the Legislative Retirement Plan will be sufficient to cover these costs can not be determined at this time.
	The Maine Public Employees Retirement System will incur some minor additional costs to develop legislation to close the Legislative Retirement Program.  These costs can be absorbed within the existing budgeted resources of the system.
	The net impact on the State Employee and Teacher Retirement Program and the amount, if any, to be refunded from the Legislative Retirement Program can not be determined at this time.