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State and Local Contribution to Teacher Retirement FY 2013-14
State and local contribution to teacher retirement by school unit
The FY2013-14 budget proposal contains an initiative that would include teacher retirement normal costs in each school unit’s EPS allocation and an increase in GPA of $14.5 million statewide to support those new retirement costs. One question that has been asked is: how does the $14.5 million in additional GPA flow through the funding formula to individual units to support those new costs? The spreadsheet linked at the bottom of this message provides that detail.
Spreadsheet column descriptions
Column 1 - The FY2013-14 preliminary subsidy amounts for each unit released on February 22, 2013
Column 2 - The FY2013-14 subsidy amounts if the initiative had not included the additional $14.5 million in GPA to support the retirement costs
Column 3 - State contribution to each unit’s retirement costs (difference between column 1 and column 2, or, the amount of additional State subsidy as a result of the $14.5 million)
Column 4 - The projected amount of teacher retirement normal costs that would be paid by each unit to the Maine State Retirement System.
Column 5 - Percent State share – column 3 as a percent of column 4
Column 6 - Local contribution to each unit’s retirement costs (column 4 minus column 3)
Column 7 - Percent local share – column 6 as a percent of column 4
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