Bill > H2812

This bill proposes several significant changes to public employee retiree benefits, gradually increasing both monetary thresholds and benefit percentages over time. Specifically, the bill first raises certain financial caps from $13,000 to $18,000 starting July 1, 2025, and then progressively transitions to calculating benefits as a percentage of the maximum social security benefit for an individual worker retiring at full retirement age. The percentage will incrementally increase from 65% to 100% over several implementation dates spanning from 2025 to 2043. Additionally, the bill includes protections for retired employees, such as preventing reductions in health premium contributions for those who retire before changes take effect and capping out-of-pocket healthcare costs at $2,500 for individual coverage and $5,000 for family coverage for retirees over 65 who are not Medicare-eligible. These changes aim to provide more comprehensive and stable retirement benefits for public employees by linking benefits more closely to social security standards and ensuring affordable healthcare access in retirement.

Labor and Employment

https://malegislature.gov/Bills/194/H2812