An Act To Raise The Cap On Retirement Benefits For Certain State Employees And Teachers To Which A Cost-Of-Living Adjustment Is Made
Died in Possession of the Senate when the Legislature adjourned Sine Die and was PLACED IN THE LEGISLATIVE FILES. (DEAD)
Summary
The bill changes Maine law so that cost‑of‑living adjustments apply to up to $40,000 of a retiree’s pension, instead of the lower limits set in earlier years. It affects former state workers and teachers who retired on or before June 30 2011, as well as their beneficiaries. The change would increase the amount of pension that automatically receives CPI‑based raises, up to a 3% annual limit.
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