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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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trends
pld PLAN CHANGES

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The average age at which non-special plan PLD members retire is increasing, similar to public pension plans across the country.  Public plans have been moving from a retirement age of 60 to 62, and most recently 65, to match this trend and the trend of people living longer.  

 

Avg Age Ret

 

Data is based on a report from the MainePERS retiree payroll database as of December 31, 2012.

 

What is the Funding Status of the Plan? 
The funding level of a pension plan is frequently stated in terms of the ratio of assets to liabilities, or pension obligations. Although there are varied opinions about pension plan funding status, one commonly held opinion is that well-funded plans target a 90-110% funded ratio.  The PLD Plan maintained a funding status above 100% until recent market downturns lowered the ratio to a still well-funded 87%.

 

Why did the Funding Level Decline?
The PLD Plan has been overfunded for much of its history. Employer rates were reduced to 3% of payroll to bring the funding closer to 100%. Employer rates were scheduled to begin to return to their original 8% when the severe 2008 market downturn reduced the amount of assets and the funding level of the PLD Plan.

 

Funding Status


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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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