Bill > LD1236

This bill establishes a special retirement plan for firefighters employed by the Department of Defense, Veterans and Emergency Management at Bangor International Airport, effective October 1, 2025. The plan allows these firefighters to retire after 25 years of service, regardless of their age, with the provision that the Federal Government continues to pay the full employer cost of their retirement participation. Under this new plan, firefighters who have been employed at the airport since July 1, 1998, can qualify for retirement benefits by accumulating 25 years of creditable service, which can include previously served time and certain purchased service credits. The retirement benefit will be calculated as half of the member's average final compensation, plus an additional 2% for each year of service beyond the initial 25 years. Firefighters will contribute 8.65% of their earnable compensation until they reach 25 years of service, after which their contribution rate will decrease to 7.65%. This bill aims to improve employee retention by offering a more attractive retirement option for these specific airport firefighters.

Labor and Employment

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1236&snum=132