LD2022

This bill changes the source of information used to set group life insurance coverage levels under the Maine Public Employees Retirement System.

This bill modifies the definition of "annual base compensation" for setting group life insurance coverage levels under the Maine Public Employees Retirement System. It specifies that for participants in the group life insurance program, "annual base compensation" means the expected annual earnable compensation as reported by the participant's employer, except for members in their first year of hire or non-member participants. The change uses the compensation reported in the previous year's federal wage and tax statement, effective from the first day of each April.