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ME LD1040
Bill
Status
5/13/2025
Primary Sponsor
Janice Dodge
Click for details
AI Summary
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Raises the cap on retirement benefits eligible for cost-of-living adjustments (COLA) from $24,186.25 to $40,000 for certain retirees, effective July 1, 2026
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Applies only to retired state employees and teachers who retired on or before June 30, 2011, or their beneficiaries
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The $40,000 cap will be indexed in subsequent years by the same percentage adjustments granted under the COLA provision
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COLA increases are tied to Consumer Price Index changes, with a maximum annual increase of 3%
Legislative Description
An Act to Raise the Cap on Retirement Benefits for Certain State Employees and Teachers to Which a Cost-of-living Adjustment Is Made
State Retirement System
Last Action
CARRIED OVER, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800.
6/25/2025