This bill raises the cap on retirement benefits for certain state employees and teachers to which a cost-of-living adjustment is made.
This bill amends the Maine Revised Statutes to adjust the cap on retirement benefits for certain state employees and teachers. Effective July 1, 2026, the cost-of-living adjustment applies to $40,000 of the retirement benefit for those who retired on or before June 30, 2011 or their beneficiaries. The cap increases to $20,000 effective July 1, 2011, and to $24,186.25 effective July 1, 2022. The cap amount is indexed in subsequent years by the same percentage adjustments granted under this section.
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- Core Provisions
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- Legal Framework
- Critical Issues
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