year the PLD Advisory Committee and MainePERS shared
upcoming changes to the PLD Plan. Rate changes for
employers increasing up to an average of 8% by 2015 have
been adopted by the MainePERS Board of Trustees. Other
proposed changes require legislative adoption.
The Joint Standing Committee on
Appropriations and Financial Affairs has tentatively
scheduled a hearing on those changes that requires
legislative adoption Monday, June 17th at 3:00
p.m. The PLD Advisory Committee is unanimously
recommending that these changes be approved by the
Legislature in order to maintain a strong funding status for
Recommendations of the PLD
Advisory Committee include:
For New Members
to the Plan:
• Normal retirement age of 65
retirement reduction factor increases from approximately
2.25% to 6%
For all PLD
• Post-retirement cost-of-living
adjustments become available after 12 months of retirement,
instead of six months
post-retirement COLA cap changes from 4% to 3%.
In addition to
increasing employer rates up to an average of 8%:
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.
We hope the meetings we scheduled
earlier in the year and the information found on our website
answered any questions you have about these changes.
Please feel free to contact me at 512-3305
if you have any additional questions.
PLD Plan Administrator