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.

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.