Bill > LD2022

This bill modifies how the Maine Public Employees Retirement System (MainePERS) calculates "annual base compensation" for group life insurance coverage levels. Currently, the calculation was based on gross compensation reported on an employee's federal wage and tax statement from the previous year. The bill changes this to use "earnable compensation" in the previous year, and adds a new provision that for employees in their first year of hire or participants who are not members, the annual base compensation will be the expected annual earnable compensation as reported by their employer in a format specified by the system's chief executive officer. This change appears to provide more flexibility in determining compensation levels for insurance coverage, particularly for new employees or non-member participants, by allowing the system to use expected compensation rather than solely relying on previous year's documented wages.

Labor and Employment

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=2022&snum=132