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.
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Q. How large is the MainePERS retirement fund?
A.
Click
here to
see the System's total market value.
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Q. Is MainePERS a 401(k) plan?
A. No, it is a federally qualified defined
benefit plan under IRS Code Section 401(a).
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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.
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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 receiving
MainePERS benefits has 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.”
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Q. What if I do not receive my benefit payment?
A. If you believe there is a problem with your
direct deposit benefit payment,
call or e-mail MainePERS
immediately. Some retirees still receive payment by
check. If your check is more than a few days late, or
you have recently changed your address,
contact MainePERS to
verify your check status. If your check is still
outstanding after 10 calendar days, we will place
a stop payment order on the original check and reissue
another as soon as possible. You may also send us a torn
or damaged check for replacement, if necessary.
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Q. How can I direct deposit my retirement
benefit?
A. To switch to direct deposit, complete an
Authorization Agreement for Electronic Direct Deposit
form and return it to MainePERS.
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Q. Where can I get information about my health
and/or dental insurance?
A. Although MainePERS may deduct health and/or
dental insurance premiums from your benefit payment each
month, we do not administer health and/or dental
insurance programs. All questions regarding these types
of insurance should be directed to the administrator of
your insurance program.
To view a listing of those organizations, click
here.
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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. When the CPI is
negative, there will be no COLA.
Click
here
for the current COLA information.
State employee,
Legislative, Judicial and Teacher benefit recipients:
There will be no cumulative COLA in September
2011, 2012 or 2013.
Once eligible, you will receive a COLA annually in September. When
you are eligible depends on whether your normal
retirement age is 60, 62 or 65. 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 you have received retirement
benefits for at least 12 months. (Example:
If your effective date of retirement is on or before
September 1, 2010, you are eligible for any COLA in
September 2011; if you retired as of October 1, 2010,
you are eligible for any COLA in September 2012.)
If your NRA is 62 or 65: You are eligible to receive any
COLA effective the September that is at least 12 months
after you reach your normal retirement age (NRA).
(Example: If you reach NRA in January of 2011, you
will receive a COLA in September of 2012.) COLA cannot be more than 3%.
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. COLA cannot
be more than 4%.
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.
COLA
cannot be more than 4%.
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Q. How do I notify MainePERS when I change my
winter/summer address?
A. Complete the
Member/Benefit Recipient Data Update form
and return it to MainePERS.
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Q. How do I change my tax
exemptions/allowances?
A. Submit new withholding
certificates (W4-P and W-4ME). You can obtain these
forms directly from the
IRS,
Maine Revenue Services,
or from the
Retirement Benefit Forms section of this site.
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Q. How is the taxable portion of my service
retirement benefit determined?
A. Click
here
for more information.
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Q. Once retired, can I change my option and/or
beneficiary?
A.
You cannot change your option once you
receive your first benefit payment. You may change your
beneficiary under very limited circumstances and in most
cases the change will affect the amount of your
benefit. For more information
call or e-mail the MainePERS Survivor Services unit.
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Q. Can I return to work after retirement?
A. Regardless of your age, you are not eligible to
draw a retirement benefit from MainePERS without a bona
fide termination of employment. You must not return to
MainePERS-covered employment until the later of 30 days
after termination or the day after the effective date of
your retirement.
If you retire and return to work for the “same employer,” there
are limitations, depending on whether you have reached
your normal retirement age (NRA).
If you are below your
Normal Retirement age and return to work for your “same
employer,” MainePERS will suspend your benefit if you:
- discuss or negotiate a return to work with your “same
employer” prior to your termination; or
- provide services for 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.
If you return to work with the “same employer” after
you are NRA (except for substitute teachers):
•
You
cannot return to service for more than 5 years.
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Advices of Deposit:
Q: In which months will I receive an advice of
deposit after I retire?
A: We currently distribute advices of deposit
to all members in:
● any January that is accompanied by a
change in the tax tables (typically, every year);
● June when insurance premium adjustments are most likely
to take place;
● September when cost of living
increases are applied;
● December when annual totals may be
necessary for tax and year-end planning; and
● Whenever the net amount of your benefit
changes by more than $1.00
Q: How do I know when my payment has
been deposited?
A: Your financial institution (bank or
credit union) can tell you whether your funds have
been received and are available to you. Most financial
institutions offer free or low-cost access to telephone,
personal computer, or ATM banking services that let you
check on deposited funds.
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