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Maine Public Employees Retirement System
46 State House Station, Augusta, ME 04333
toll free: (800) 451-9800 ● local: (207) 512-3100

EMPLOYERS: please share with your employees
who are members of MainePERS

Please join us for informational meetings to share information about actions being recommended by the Participating Local District Advisory Committee (PLD Committee) which were submitted to the Legislature in January, 2013.

The PLD Committee continuously monitors the Consolidated Plan for Participating Local Districts (PLD Plan) to protect the plan’s fiscal health and responsiveness to employer and member needs.  Participating employer and employee committee members are unanimously recommending modernization of benefit provisions for newly hired plan members, changes in cost-of-living-adjustments (COLAs), and employee and employer rate increases.

Employer rates are scheduled to return to their original level of 8% by 2015. The remaining recommendations are a result of a multi-year review by the committee of the Plan’s funding level, which currently is  87% funded as of June 30, 2012.  PLD Committee members requested and reviewed a cost report prepared by MainePERS and unanimously agreed that actions beyond employer rate increases are needed to maintain the strong fiscal condition of this plan. Members further agreed any actions should be consistent with good retirement plan management, benefit design, and shared by employers, employees and beneficiaries or retirees.

MainePERS, with the support of committee members has scheduled a series of meetings to share information about the following changes that were recommended to the 126th Maine State Legislature:

For New Members to the Plan:

    •  Normal retirement age of 65

    •  Early retirement reduction factor increases from approximately 2.25% to 6% [2]

For all PLD Members:

    •  Post-retirement cost-of-living adjustments (COLA) become available after 12 months of retirement instead
       of six months [3]

    •  The post-retirement COLA cap changes from 4% to 3%.

The Committee further recommends that the MainePERS Board of Trustees:

Increase employee contributions by .5% for three years for a total of 1.5% beginning once the employer contribution rate has reached 8% in fiscal year 2015 and lasting until such time when the funding level of the plan justifies a decrease;

Increase the minimum employer rate to not less than 75% of the normal cost.

If you would like more information about these proposed changes, or if you have questions or comments, please join us at one of the upcoming informational sessions.  We’ve made arrangements for video conferencing accessibility of each meeting throughout the state.

For details and to sign-up to attend a meeting, contact us at 1-800-451-9800 or via e-mail at Registration@mainepers.org. To register by e-mail please provide your name, employer, and preferred date, time and session location you wish to attend.

Session Dates/Times:  (Note date change for AUGUSTA)

      AUGUSTA    March 5, 2013    2:30pm−4:30pm  or  5:30pm−7:30pm

      BANGOR/ELLSWORTH AREA    March 7, 2013    2:30pm−4:30pm  or  5:30pm−7:30pm

      PORTLAND    March 12, 2013    10:00am−12:00pm

The following interactive remote sites are available to attend a meeting via video conferencing: Augusta, Bangor, Calais, Camden, Cherryfield, Dover-Foxcroft, Ellsworth, Farmington, Hampden, Houlton, Lewiston, Limerick, Millinocket, Norway, Pittsfield, Portland, Presque Isle, Skowhegan, and York.

We will have more information coming soon to our website.

[1] Members who change employers within the PLD Plan would not be affected by this change.
[2] Members who change employers within the PLD Plan would not be affected by this change.
[3] This change will start 18 months after the effective date of legislation to avoid interfering with plans of
     members who are currently in the retirement process.

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Information contained on this Web site is neither a legal reference nor a complete statement of the laws or MainePERS administrative rules. In any conflict between this information and Maine laws or administrative rules, the laws and administrative rules shall prevail.

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