LD240

Allows Maine Public Employees Retirement System members to defer retirement benefits if they retire before normal retirement age.

This bill amends the Maine Public Employees Retirement System to allow members who retire before reaching the normal retirement age to defer the initiation of their service retirement benefits. The deferral is irrevocable and must be elected before any benefits are paid. The deferral period ends when the member reaches the normal retirement age for the plan. Benefits deferred under this provision are paid without any reduction for early retirement and without retroactive payment for the deferral period.