Bill > LD1872

This bill establishes a new Retirement Improvement Fund within the Maine Public Employees Retirement System specifically designed to provide benefit improvements for retired state employees and teachers. For fiscal years 2028-29 through 2031-32, the State Controller will transfer money from the General Fund to this nonlapsing, interest-bearing fund within 30 days of each fiscal year's start. The transfer amount will be calculated as the difference between payments toward the unfunded actuarial liability in the current year and those in fiscal year 2027-28. The fund can be used to increase beneficiaries' annual cost-of-living adjustments, with incremental increases applied until the benefit base reaches $40,000, with each increase being at least $1,000. The retirement system is required to submit annual reports to the Legislature by March 1st, detailing the money transferred to the fund, total benefit base increases, payments toward unfunded liability, and the fund's current balance. This approach aims to gradually improve retirement benefits for state employees and teachers while maintaining fiscal responsibility.

Labor and Employment

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1872&snum=132