MainePERS Account Information

Q. Who decides how MainePERS invests its monies?
A. The MainePERS Board of Trustees decides the investment policy for the System. The Board contracts with professional investment managers for assistance, as well as seeking advice from an Investment Advisory Council composed of academic and business experts.

< Back to Top >

Q.  How large is the MainePERS retirement fund?
A. Total System assets at June 30, 2009 were $8.3 billion.

< Back to Top >

Q. Is MainePERS a 401(k) plan?
A. No, it is a federally qualified defined benefit plan under IRS Code Section 401(a).

< Back to Top >
 
Q.  Can I roll my 401(k) funds into my MainePERS account?
A. Yes.  MainePERS will accept tax-deferred direct rollovers as payment, in full or in part, for the purchase of creditable service. To purchase service, MainePERS will first determine if you have service eligible for purchase. For additional information about categories and qualifications of purchasable service contact the MainePERS Retirement Services Unit.

< Back to Top >

Q. Can I contribute additional amounts to my MainePERS account?
A.  Not to your defined benefit plan.  MainePERS also administers MaineSTART, a defined contribution (DC) retirement savings plan. Contact our DC Plan Administrator for more information about MaineSTART participation.

< Back to Top >

Q. Can I borrow money from my retirement account for emergency purposes?
A.  No. If you terminate all MainePERS-covered employment, you may apply for a full refund of your contributions and accrued interest.  MainePERS does not permit partial refunds.  

< Back to Top >

Q.  When is an employee required to start contributing to MainePERS?
A. Normally on the first date of employment.  Please contact MainePERS for more specific information about membership requirements.

< Back to Top >

Q. What are my options if I leave my current employment?
A.  If you are leaving your current employment for employment with an employer that has coverage under MainePERS, contact MainePERS to discuss how this change impacts your benefit.  

If you are vested (five years of creditable service for active members after October 1, 1999; ten years for all others) you may leave your contributions in the System. You can begin drawing a benefit when you reach normal retirement age. Contact MainePERS to determine your vested status and the normal retirement age applicable to your plan.

If you terminate MainePERS-covered employment, you may apply for a refund of your contributions and accumulated interest. MainePERS refunds contributions for non-vested members of MainePERS who have been inactive (not contributing) for at least three years. Non-vested members may choose to have their contributions remain on account with MainePERS rather than take a refund.

< Back to Top >

Q.  What does it mean to be vested?
A.  Being vested means you have met the requirements to receive a monthly benefit at normal retirement age under your plan.  In order to be vested, members in service on or after October 1, 1999, must have five years of creditable service. Any member whose last date of MainePERS service was before October 1, 1999, must have 10 years of creditable service to become vested.

< Back to Top >

Q.  Can I find out how much money I have contributed to MainePERS and/or how much creditable service time I have on record?
A. Yes.  Contact MainePERS to request a statement of creditable service or a Statement of Account showing how much money you have contributed. We will ask for your name, current address and Social Security number.

< Back to Top >

Q.  I am getting a divorce. How does this affect my contributions or pension?
A.  Your contributions or pension may be affected depending upon how your assets are divided by the court pursuant to a qualified domestic relations order (QDRO). If you have questions about your funds and divorce, contact MainePERS and ask to speak with the QDRO Administrator.

< Back to Top >

Q.  Can I buy time toward my retirement and receive additional service credit?
A.  There are a number of categories of service that members may qualify to purchase. Each category has specific criteria. If you are interested in exploring the purchase of service credit, contact MainePERS for more information at 1-800-451-9800 or by e-mailing us at:

State Employees, Legislators and Judges – StateUnit@mainepers.org
Teacher Members – TeacherUnit@mainepers.org
Participating Local District members – PLDUnit@mainepers.org

< Back to Top >

Q.  I am (or may be) entitled to receive both a service retirement benefit and Social Security retirement benefits.  Do these two benefits affect each other in any way?
A.  The amount of your MainePERS service retirement benefit is not affected by your receipt of Social Security retirement benefits. If you are eligible to receive Social Security retirement benefits either because you worked in a Social Security-covered job or because your deceased spouse did, the amount of your Social Security benefit may be affected by your receipt of a MainePERS benefit. To obtain information about the effect of receiving MainePERS benefits on Social Security benefits, please contact SSA directly at www.ssa.gov.  You can locate the SSA office nearest you by referring to your local phone book under “United States Government–Health and Human Services.”

Q: What are the effects of Military Service while on leave of absence from MainePERS Covered Employment?
A. MainePERS members who are on a leave of absence from their MainePERS-covered positions to serve in the uniformed services of the United States have, under federal and State law, specific protections or eligibility for protections, with respect to their MainePERS membership and related benefits. For more information, click here.

< Back to Top >

General Retirement

Q. When can I retire?
A.  When you can retire depends upon the plan under which you are covered.

In most cases, you can retire: 

  - At age 60 or 62 (depending on your plan)
  - With at least one (1) year of creditable service immediately before retirement
  - At any age, with at least 25 years of creditable service

To determine under which plan you are covered, check with your employer. You can find additional information on this Web site, by phone at 1-800-451-9800, or by e-mail at:

State Employees, Legislators and Judges – StateUnit@mainepers.org
Teacher Members – TeacherUnit@mainepers.org
Participating Local District members – PLDUnit@mainepers.org

< Back to Top >

Q. How do I determine my normal retirement age (NRA)?
A. State and Teacher members: Your normal retirement age is 60, if before July 1, 1993, you had at least 10 years of service credit or had reached age 60 and had at least a year of service credit immediately prior to reaching age 60. If you do not meet either of those criteria, your normal retirement age is 62.
A. PLD members: Your normal retirement age is 60, unless you are covered by a special plan. If you are under a PLD special plan, please contact the MainePERS Retirement Services unit for more specific information about retirement age requirements.

< Back to Top >

Q. I am thinking about retiring.  When should I contact MainePERS?
A. Contact MainePERS to request an estimate when you are within 6 to 12 months of your anticipated retirement date.  This gives us time to calculate your estimated benefit under each of the benefit options.  It also gives you (and/or your financial advisor) time to review the information and meet with Retirement Services staff who can explain your options and assist you in completing your retirement paperwork.

< Back to Top >

Q. How is my retirement benefit calculated?
A. Your benefit is calculated based on a formula specific to your retirement plan.  In general, your retirement benefit is calculated based on:

  - Average of your three highest years of earnings
  - Your years of creditable service
  - Your age at retirement

You can find general information about the benefit calculation formula on this website or for greater detail, please contact the MainePERS Retirement Services Unit by calling 1-800-451-9800, or by e-mail at:
 
State Employees, Legislators and Judges: StateUnit@mainepers.org
Teacher Members: TeacherUnit@mainepers.org
Participating Local District members: PLDUnit@mainepers.org

< Back to Top >

Q. How soon will I receive my first retirement benefit payment?
A. If we do not have the information to determine your actual benefit amount in time for the month you retire, you will receive a preliminary benefit (PB).  Preliminary Benefit (PB) payments are 90% of your estimated benefit for the retirement option you select. Once your benefit calculations are complete, MainePERS will adjust your first regular benefit payment to make up the difference between your preliminary and your actual retirement benefit.  Members subject to either a child support order or qualified domestic relations order are not eligible for preliminary benefit payments. We will begin making benefit payments to you at the end of the month in which your benefit calculations are complete. Your first payment will include benefits for all prior months in which you were eligible, but did not receive a benefit payment.

< Back to Top >

Q. How does MainePERS issue benefit payments?
A. Retirees receive their benefit payments via direct deposit. The form authorizing direct deposit is part of your retirement. If you need to make changes to the routing of your direct deposit, the Authorization Agreement for Electronic Direct Deposit form is accessible on our website or from MainePERS Payrolls Administration. Advices of deposit are mailed to retirees in each January, June, September, and December, or whenever the net amount of your benefit changes by more than $1.00.

< Back to Top >

Q. Where can I get information about my health and/or dental insurance?
A.  MainePERS does not handle any health insurance program. All questions regarding health insurance should be directed to the administrators of the various health insurance programs under which members are covered. These are listed below for your convenience.

Health insurance program administrators:

State, Legislative and Judicial Retirees:
State Employee Health – 1-800-422-4503 or 207-287-6780

Teacher Retirees covered through Maine School Management Association:
1-800-660-8484

Teacher Retirees with Anthem/Blue Cross: 1-888-399-8706 (Ext. 1, Option 2)

Teacher Retirees without Anthem/Blue Cross, whether or not under MSMA, should request assistance from the school administrative unit from which the teacher retired.

PLD employees:

Check with your payroll department.

Dental insurance inquiries should be directed to the organization that provides your coverage:

Maine State Employees Association – 1-800-452-8794

Maine Education Association – 1-888-942-2907
 
Maine Association of Retirees, Inc. – 1-800-535-6555

< Back to Top >

Q. How is the Cost of Living Adjustment (COLA) determined each year?
A.  By law, the Board of Trustees sets the COLA using the change in the Consumer Price Index for All Urban Consumers (CPI-U) for the 12-month period ending each June 30.
The Board may not set the COLA at more than 4%.

State employee, Legislative, Judicial and Teacher benefit recipients:
Once eligible, you will receive a cost-of-living adjustment (COLA) annually in September. To determine when you are eligible, you must determine whether you are in the age 60 or 62 plan, see “How do I determine my normal retirement age (NRA)?”

If your NRA is 60: You are eligible to receive a COLA in the first September after having been retired for at least 12 months.  (Example:  If your effective date of retirement is on or before September 1, 2010, you will receive a COLA in September 2011; if you retired as of October 1, 2010, you will receive a COLA in September 2012.) 

If your NRA is 62: You are eligible to receive a COLA effective the September that is at least 12 months after you reach age 62. (Example:  If your 62nd birthday is in January of 2008, you will receive a COLA in September of 2009.)

Participating Local District (PLD) benefit recipients:
Recipients who are covered by a retirement plan that includes the COLA provision are eligible to receive a COLA the first September after having been retired for at least six months and annually thereafter.  For example, if you retire on or before March 1, 2010, you will receive a COLA in September 2010.  If you are unsure whether your district has a COLA provision, check with your payroll office or the PLD Unit at MainePERS.

< Back to Top >

Q. Can I return to work after retirement?
Regardless of your age, you are not eligible to draw a retirement benefit from MainePERS without a termination of employment.

If you are retiring below your Normal Retirement age you:

- May not discuss or negotiate a return to work with your employer prior to your termination; and,

- May not return to employment for at least 30 days after termination; and,

- May not return to employment before the effective date of your retirement.

- Must certify to MainePERS that you have met all the above requirements.

If you retire below your normal retirement age and return to work for the “same employer,” MainePERS will suspend your retirement benefit unless:

- You provide services for no more than 90 days in one year.

“One Year” means the year as defined by the type of employment, for example, calendar year for most State or PLD employers, or school contract year for most Teacher employers.

“One Day” means eight hours if paid hourly and one full day if paid on a per diem basis.  For pay based on an annual rate, a day is one full-time work day.  Each stipend position equals 60 work days.

“Same employer” means for:

▪ State or teacher retirees: Employment in any position covered under the State/Teacher plan.
▪ Participating Local District (PLD) retirees who retire from a PLD in the Consolidated Plan: Employment with any employer in the Consolidated Plan.
▪ PLD retirees who retire from a PLD that is not part of the Consolidated Plan: Employment with the same PLD employer.

Failure to comply will result in the suspension of your retirement benefit. You will have to repay the benefits paid during any period when you were not eligible to receive them, and any interest. MainePERS will re-instate your benefits (less any repayment due) the first of the month after you stop post-retirement employment or reach your normal retirement age, whichever is sooner. 

< Back to Top >

Refund of Contributions

Q. Can I receive a refund of contributions I’ve made to MainePERS?
A.  If you terminate all MainePERS-covered employment, you may apply for a refund.  Contact MainePERS for a Refund Application Package or click here for a downloadable version.  MainePERS does not permit partial refunds. By refunding your contributions, you give up your rights to any MainePERS benefits.  Since it may not be in your best interest to withdraw your contributions, we suggest you investigate the pros and cons of taking a refund. For more information, see the “Taking a Refund” in the member handbook specific to your plan. 

< Back to Top >

Q. Can I receive a refund of contributions my employer has made to MainePERS on my behalf?
A.  No.  If you decide to take a refund, you receive only your contributions plus interest. Your employer makes contributions in order to fund your pension at retirement. If you are ineligible for a retirement benefit, or elect to withdraw your own contributions, you will not receive funds contributed by your employer. Contact MainePERS for a Refund Application Package or click here for a downloadable version.

< Back to Top >

Death Benefits

Q: What is available to my survivors if I die before retiring?
A: At the time of your death, if you are an active member of MainePERS or are receiving a disability benefit from MainePERS, the beneficiary you designated on your Pre-Retirement Death Beneficiary form will be able to choose from two and sometimes three different death benefit options. Eligibility for different options varies.

One option is that your beneficiary could receive a benefit that would be calculated as if on the day you died you had retired. This option provides the same benefit to your beneficiary as it would have provided you in retirement. The second option that your beneficiary could receive is a lump sum refund of all your contributions and interest. Third, your beneficiary may be offered a Survivor Benefit. Eligibility for a survivor benefit is based on the relationship between you and your beneficiary. Your beneficiary(ies) will be contacted by MainePERS upon MainePERS receiving notification of your death.

< Back to Top >

Q: I filled out my beneficiary forms so long ago I cannot remember who I named. Can you tell me who I have named as beneficiary(ies)?
A: Yes. However, because this information is confidential, for your protection MainePERS will only respond to written (or in person) queries from you. If you find your beneficiary information is not up-to-date, you may change your beneficiary at any time by filing a form, provided by MainePERS, with the Executive Director.

< Back to Top >

Q: I am a student who needs to complete the Survivor Benefits Recipient's Certification form. How can I obtain that?
A: If you are an unmarried, full-time student and the beneficiary of a deceased member of the Maine Public Employees Retirement System, and you are eligible to receive survivor benefit payments, click Survivor Benefits Recipient's Certification to open and print the form. The form must be notarized and have appropriate documentation attached before benefits will be paid.