Bill > S1683

This bill aims to provide fair and affordable public retiree benefits. The key provisions of the bill include: 1. Increasing the maximum annual pension benefit from $13,000 to $18,000, which will be further adjusted to 65% of the maximum Social Security benefit for an individual worker retiring at full retirement age. 2. Gradually increasing the percentage of this maximum pension benefit from 65% to 100% over a 20-year period, in 5-year increments. 3. Prohibiting any reduction in the percentage of a governmental unit's contributions to health premiums for retired employees after January 1, 2021 from applying to individuals that retire before the change in contribution percentage takes effect. 4. Capping the maximum out-of-pocket costs for covered services under a group health insurance plan for retired public employees over the age of 65 and not eligible for Medicare at $2,500 for individual coverage and $5,000 for family coverage. The bill's provisions are phased in over several years, with the initial increases in the pension benefit taking effect in 2021 and 2022, and the gradual increases in the percentage of the maximum benefit taking effect in 5-year increments starting in 2027.

Labor and Employment

https://malegislature.gov/Bills/192/S1683