ME LD2022

Amends the definition of "annual base compensation" under the Maine Public Employees Retirement System (MainePERS) for setting group life insurance coverage levels

Replaces the use of federal wage and tax statement (W-2) data with "earnable compensation in the previous year" as the basis for determining coverage amounts

Coverage levels are set on the first day of each April for participants prior to retirement

For first-year hires or participants who are not members, annual base compensation is defined as expected annual earnable compensation as reported by the employer in a manner specified by the chief executive officer

Submitted by MainePERS and referred to the Committee on Labor