ME LD1872

Establishes a Retirement Improvement Fund within the Maine Public Employees Retirement System as an interest-bearing, nonlapsing fund for retirement benefit improvements

Requires General Fund transfers to the new fund for fiscal years 2028-29 through 2031-32, with amounts calculated as the difference between current unfunded actuarial liability payments and FY 2027-28 payment levels

Fund money must be used to increase the benefit base for cost-of-living adjustments by at least $1,000 increments for all retirement system beneficiaries, capped at a $40,000 benefit base

Benefits retired state employees, teachers, and their beneficiaries

Mandates annual reports to the Legislature by March 1st (2029-2032) detailing fund transfers, benefit base increases, unfunded liability payments, and fund balance