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ME LD240
Bill
AI Summary
- Extends the retirement benefits deferral option to Maine Public Employees Retirement System members who have service credit from participating local districts
- Allows members eligible to retire from plans with different normal retirement ages to defer benefits from any plan where they haven't reached normal retirement age, avoiding early retirement reductions
- Deferred benefits are paid without early retirement reduction and without retroactive payments for the deferral period once the member reaches normal retirement age
- The election to defer is irrevocable and must be made before any service retirement benefit payments begin
- Approved as Public Law Chapter 12 on March 25, 2025
Legislative Description
An Act to Create Consistency in Retirement Service Benefits Deferral Under the Maine Public Employees Retirement System
State Retirement System
Last Action
PASSED TO BE ENACTED, in concurrence.
3/20/2025
Committee Referrals
Labor1/16/2025
Full Bill Text
No bill text available