An Act To Authorize the Maine Public Employees Retirement System To Procure and Offer Long-term Disability Insurance

Sec. 1. 5 MRSA c. 423, sub-c. 7  is enacted to read:

SUBCHAPTER 7

LONG-TERM DISABILITY INSURANCE

§ 18101.  Long-term disability insurance coverage authorized

The board may offer long-term disability insurance coverage to members through their employer and may contract with one or more insurance companies to provide this coverage.

Sec. 2. 5 MRSA c. 425, sub-c. 7  is enacted to read:

SUBCHAPTER 7

LONG-TERM DISABILITY INSURANCE

§ 18701.  Long-term disability insurance coverage authorized

The board may offer long-term disability insurance coverage to members and employees who choose not to become members but participate in the defined contribution plan pursuant to section 18801, subsection 1 through their employer and may contract with one or more insurance companies to provide this coverage.

Sec. 3. Report. The Maine Public Employees Retirement System shall report twice to the joint standing committee of the Legislature having jurisdiction over retirement matters, no later than January 31, 2019 and January 31, 2020, on the use of the authority granted to the Board of Trustees of the Maine Public Employees Retirement System pursuant to the Maine Revised Statutes, Title 5, chapter 423, subchapter 7 and Title 5, chapter 425, subchapter 7, including the results of any offering of long-term disability insurance by the board.