Establishes a Retirement Improvement Fund for Maine public employees and teachers.

This bill creates the Retirement Improvement Fund within the Maine Public Employees Retirement System. It mandates annual transfers from the General Fund to this fund for fiscal years 2028-29 through 2031-32. The fund's purpose is to pay for retirement benefit improvements for retired state employees and teachers and their beneficiaries. The fund must be used to increase the benefit base on which the annual cost-of-living adjustment is applied, up to a maximum of $40,000. The State Controller is responsible for calculating and transferring the required amounts to the fund.

Establishes a Retirement Improvement Fund for Maine public employees and teachers.

This bill creates the Retirement Improvement Fund within the Maine Public Employees Retirement System. It mandates annual transfers from the General Fund to this fund for fiscal years 2028-29 through 2031-32. The fund's purpose is to pay for retirement benefit improvements for retired state employees and teachers and their beneficiaries. The fund must be used to increase the benefit base on which the annual cost-of-living adjustment is applied, up to a maximum of $40,000. The State Controller is responsible for calculating and transferring the required amounts to the fund.