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This legislation
permits certain employees of the Maine Community College System who join or
rejoin the defined benefit plan administered by the Maine Public Employees
Retirement System (MainePERS) under the provisions of Public Law 2003,
chapter 261, on or before January 1, 2010, to obtain coverage in the group
life insurance plan administered by the MainePERS as of the date of
commencement or resumption of participation in the defined benefit plan
without the need to provide evidence of insurability. Allowing for an open enrollment into a life
insurance plan may bring the risk of adverse selection which could increase
program costs. However, because this
legislation provides for a very limited number of individuals to participate,
it is not anticipated to have a significant impact. Information from
MainePERS indicates that approximately 30 Maine Community College System
employees would be eligible. |