‘Sec. 1. Reduction in early retirement penalty for certain state employees and teachers. Notwithstanding the Maine Revised Statutes, Title 5, section 17852, subsection 3-A or any other provision of law to the contrary, beginning October 1, 2019 the reduction in the retirement benefit for a qualified member is 2.25% for each year that the qualified member's age precedes 62 years of age at retirement.
As used in this section, "qualified member" means a member of the Maine Public Employees Retirement System who:
1. Retired from service as a state employee between July 1, 2011 and January 1, 2012 or as a teacher between July 1, 2011 and July 1, 2012;
2. Had completed 25 or more years of creditable service upon retirement;
3. Had neither 10 years of creditable service nor had reached 60 years of age with one year of creditable service immediately before July 1, 1993; and
4. Had not attained 62 years of age as of retirement from service as a state employee or teacher.
As used in this section, the terms "creditable service," "employee," "member," "retirement," "retirement benefit," "state employee" and "teacher" have the same meaning as in Title 5, section 17001.
Sec. 2. Appropriations and allocations. The following appropriations and allocations are made.
RETIREMENT SYSTEM, MAINE PUBLIC EMPLOYEES
Retirement System - Retirement Allowance Fund 0085
Initiative: Provides one-time funds for the cost of the unfunded actuarial liability created as a result of permitting certain retired state employees and teachers who retired between July 1, 2011 and July 1, 2012 to have their retirement benefit recalculated based upon a 2.25% per year early retirement reduction instead of the 6% reduction in current law prospectively beginning October 1, 2019.
|GENERAL FUND TOTAL||$5,800,000||$0|