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Information
about
Recent
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Annual
Cost-of-Living
Adjustment
(COLA)
On
Thursday,
August
08, 2019,
MainePERS
Board of
Trustees
adopted
the
1.6%
Consumer
Price
Index -
Urban
Consumers
(CPI-U)
rate
compiled
by the
U.S.
Department
of
Labor’s
Bureau
of Labor
Statistics
on June
30,
2019,
as the
basis
for
2019
cost-of-living
adjustment
(COLA)
for all
pension
plans to
which it
applies.
Eligible
recipients
will
first
see the
COLA
reflected
in their
September
pension
payment.
Eligible
State,
Teacher,
Judicial,
and
Legislative
retirement
plan
retirees
will
receive
the
1.6%
COLA on
their
benefit
up to
$22,451.03
(which
is the
2019
base),
or a
maximum
increase
of
$29.94/month.
The
2020
COLA-base
will
increase
by
1.6%,
to
$22,810.25.
The
total
amount
that
will be
paid to
the
approximately
35,500
eligible
benefit
recipients
in these
plans
during
the next
12
months
as a
result
of the
2019
COLA is
expected
to be
approximately
$9,100,000.
Eligible
Participating
Local
District
–
Consolidated
Plan
(PLD)
retirees
will
receive
a1.6%
COLA on
their
current
benefit.
The
total
amount
that
will be
paid to
the
approximately
8,400
eligible
benefit
recipients
in this
plan
during
the next
12
months
as a
result
of the
2019
COLA is
expected
to be
approximately
$2,250,000.
You can
read
more
about
eligibility
requirements
and how
your
plan
implements
this
COLA
here.
You can
also
call our
office
at
800-451-9800
and
speak
with one
of our
service
representatives.
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Whatever your
age,
it's the right time to talk about
retirement!
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Whether
you are
new to
retirement
planning
or
approaching
your
retirement
age,
our
online
Information
Request
page
offers
you an
easy way
to
get the
information
you
need.
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We want to
keep you informed about the recent
changes to the Participating Local
District Consolidated Retirement
Plan (PLD Plan). You can find
information about the Plan, changes,
and answers to your questions
here, or by clicking on the icon
to the left. If you need
additional information or questions,
please don’t hesitate to contact us
at 207-512-3100.
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...change my mailing address.
To
protect your personal information, we do not process address changes over
the phone for retirees and/or benefit recipients. If your address has
changed or is going to change, please let us know by completing a
Member/Benefit Recipient Data
Update form and sending it to MainePERS.
...change my tax exemptions/allowances.
To do
this, submit new withholding certificates (W4-P and W-4ME). You can obtain
these forms directly from the IRS, Maine Revenue Services, or from our
Retirement Benefit Forms
page.
...get health insurance information.
Although MainePERS may deduct health and/or dental insurance premiums from
your benefit payment each month, we do not administer these programs. For
health/dental insurance questions, please contact the administrator of your
insurance program. To view a list of those organizations, click
here.
...return to work after retirement.
Certain restrictions apply to MainePERS members who retire and return to
work for the “same” employer. See the
Retire Return to Work
page for details.
...know when my payment is deposited.
MainePERS sends an advice when the gross amount of your benefit payment
changes by $1.00 or more. You may also contact your bank to confirm your
deposit amount. We also send an advice each December, which includes
year-end totals you may need to prepare your taxes. For the schedule of
benefit payment dates and more details, click
here.
[see also
FAQs.]
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...find out about my contributions and time.
Contact our Retirement
Services department to request a member account summary which will show your
creditable service, contributions and interest. We will ask for your name,
current address and SSN.
...borrow money from my retirement.
MainePERS does not permit loans from the contributions you have paid to your
defined benefit retirement plan or from the MaineSTART defined contributions
plans.
...know when I can retire.
When you can retire depends on your retirement plan. In most cases, you can
retire at age 60, 62 or 65, with at least one year of creditable service
immediately before you have reached your plan's normal retirement age. You
can retire at any age, if you have at least 25 years of creditable service.
See
General Retirement
for more.
...learn about Social Security and MainePERS
The amount of your MainePERS service retirement benefit is not affected by
receiving Social Security retirement benefits. If you are eligible for
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. For more information about the effect of receiving MainePERS
benefits and Social Security benefits, go to
www.ssa.gov.
...receive a refund of my contributions.
If you
terminate all MainePERS-covered employment, you may withdraw the money you
contributed. You do not receive contributions your employer made on your
behalf.
Contact MainePERS for a
Refund Application Package or click
here for a
downloadable version. MainePERS does not permit partial refunds. By
refunding your contributions, you give up your rights to any MainePERS
benefits. Since it may not be in your best interest to withdraw your
contributions, we suggest you investigate the pros and cons of taking a
refund. For more information, see the “Taking a Refund” in the
member handbook
specific to your plan.
[see also
FAQs.]
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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.
Copyright © Maine Public Employees Retirement
System. All Rights Reserved.
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