 Have
a question about legislation? Click
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IN THE NEWS |
Governor LePage proposed a two-year State
budget for FY 2014-2015 on Friday, January
11, 2013. The budget proposal transfers
responsibility for a portion of teacher
retirement costs to school districts.
This proposed change, if enacted, does not
affect individual teacher retirement
benefits. MainePERS does not have
information at this time to determine how
this will affect each individual school
district. |
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ANNUAL REPORT |
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The
MainePERS Comprehensive Annual Financial
Report (CAFR) for the fiscal year
ending June 30, 2012 is now available.
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COLA (Update:
10-1-2012) |
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Click for:
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The
Cost-of-Living Adjustment (COLA) is
calculated differently for the
State/Teacher, Legislative and
Judicial Retirement Plans and for
the Participating Local Districts
(PLDs). Please read the information
on the
COLA page that pertains to your
plan to understand how the increase
in the Consumer Price Index for
Urban Consumers (CPI-U) will affect
or determine the COLA you will be
paid in 2012. |
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...change my mailing address.
To
protect your personal information, we do not process address changes over
the phone for retirees and/or benefit recipients. If your address has
changed or is going to change, please let us know by completing a
Member/Benefit Recipient Data
Update form and sending it to MainePERS.
...change my tax exemptions/allowances.
To do
this, submit new withholding certificates (W4-P and W-4ME). You can obtain
these forms directly from the IRS, Maine Revenue Services, or from our
Retirement Benefit Forms
page.
...get health insurance information.
Although MainePERS may deduct health and/or dental insurance premiums from
your benefit payment each month, we do not administer these programs. For
health/dental insurance questions, please contact the administrator of your
insurance program. To view a list of those organizations, click
here.
...return to work after retirement.
Certain restrictions apply to MainePERS members who retire and return to
work for the “same” employer. See the
Retire Return to Work
page for details.
...know when my payment is deposited.
MainePERS sends an advice when the gross amount of your benefit payment
changes by $1.00 or more. You may also contact your bank to confirm your
deposit amount. We also send an advice each December, which includes
year-end totals you may need to prepare your taxes. For the schedule of
benefit payment dates and more details, click
here.
[see also
FAQs.]
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...find out about my contributions and time.
Contact our Retirement
Services department to request a Statement of Account which will show your
creditable service and how much money you have contributed. We will ask for
your name, current address and SSN.
...borrow money from my retirement.
MainePERS does not permit loans from the contributions you have paid to your
defined benefit retirement plan or from the MaineSTART defined contributions plans.
...know when I can retire.
When you can retire depends on your retirement plan. In most cases, you can
retire at age 60, 62 or 65, with at least one year of creditable service
immediately before you have reached your plan's normal retirement age. You
can retire at any age, if you have at least 25 years of creditable service.
See
General Retirement
for more.
...learn about Social Security and MainePERS
The amount of your MainePERS service retirement benefit is not affected by
receiving Social Security retirement benefits. If you are eligible for
Social Security retirement benefits, either because you worked in a Social
Security-covered job or because your deceased spouse did, the amount of your
Social Security benefit may be affected by your receipt of a MainePERS
benefit. For more information about the effect of receiving MainePERS
benefits and Social Security benefits, go to
www.ssa.gov.
...receive a refund of my contributions.
If you
terminate all MainePERS-covered employment, you may withdraw the money you
contributed. You do not receive contributions your employer made on your
behalf.
Contact MainePERS for a
Refund Application Package or click
here for a
downloadable version. MainePERS does not permit partial refunds. By
refunding your contributions, you give up your rights to any MainePERS
benefits. Since it may not be in your best interest to withdraw your
contributions, we suggest you investigate the pros and cons of taking a
refund. For more information, see the “Taking a Refund” in the
member handbook
specific to your plan.
[see also
FAQs.]
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