Bill > LD1218

This bill allows certain county commissioners who are members of the Maine Public Employees Retirement System (MainePERS) and have previously served in the Legislature to switch their retirement plan to the Legislative Retirement Program. Specifically, a county commissioner contributing to a defined benefit plan who meets these criteria can elect to join the Legislative Retirement Program by submitting a written request within 90 days of taking office or the bill's effective date. Upon making this election, all of the commissioner's previously accrued retirement contributions will be transferred from MainePERS to the Legislative Retirement Program, and all future contributions will be directed to the new program. The bill ensures that the commissioner's past service as a county commissioner will be counted as creditable service in the new retirement plan, and they will be subject to the same benefit calculations and vesting requirements as other Legislative Retirement Program members. The Board of Trustees of MainePERS is required to establish rules for implementing this process, including guidance on the financial and legal implications of switching retirement plans and ensuring proper service credit transfer.

Labor and Employment

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1218&snum=132