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Maine Public Employees Retirement System
P.O. Box 349, Augusta, ME 04332-0349
toll free: (800) 451-9800 ● local: (207) 512-3100

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Earlier this 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 the plan.

 

Recommendations of the PLD Advisory Committee include:

 

For New Members to the Plan:

 

• Normal retirement age of 65

Early retirement reduction factor increases from approximately 2.25% to 6%

 

For all PLD Members:

 

• Post-retirement cost-of-living adjustments become available after 12 months of retirement, instead of six months

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

 

In addition to increasing employer rates up to an average of 8%:

 

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.

 

We hope the meetings we scheduled earlier in the year and the information found on our website at http://www.mainepers.org/Pensions/PLD-Summary.htm answered any questions you have about these changes.  Please feel free to contact me at 512-3305 if you have any additional questions.

 

Stephanie Fecteau

PLD Plan Administrator



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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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