‘An Act To Protect Benefits for State Retirees’
| SP0573 LD 1496 |
First Regular Session - 124th Maine Legislature S "A", Filing Number S-349, Sponsored by MILLS P
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LR 2029 Item 3 |
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| Bill Tracking | Chamber Status | ||
Amend the bill by striking out the title and substituting the following:
‘An Act To Protect Benefits for State Retirees’
Amend the bill by striking out everything after the title and before the summary and inserting the following:
‘Emergency preamble. Whereas, acts and resolves of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, current law requires that cost-of-living adjustments in retirement benefits for state employees must be made when there is a percentage change in the Consumer Price Index; and
Whereas, there has been a percentage change in the Consumer Price Index; and
Whereas, it is imperative that this legislation take effect immediately so that the benefits for state retirees are protected; and
Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,
Sec. 1. 4 MRSA §1358, sub-§1, ¶A, as repealed and replaced by PL 1985, c. 693, §11, is amended to read:
Sec. 2. 4 MRSA §1358, sub-§1, ¶A-1 is enacted to read:
Sec. 3. 5 MRSA §17806, sub-§1, ¶A, as enacted by PL 1985, c. 801, §§5 and 7, is amended to read:
Sec. 4. 5 MRSA §17806, sub-§1, ¶A-1 is enacted to read:
Sec. 5. 5 MRSA §18407, sub-§4, ¶A, as enacted by PL 1985, c. 801, §§5 and 7, is amended to read:
Sec. 6. 5 MRSA §18407, sub-§4, ¶A-1 is enacted to read:
Emergency clause. In view of the emergency cited in the preamble, this legislation takes effect when approved.’
summary
Like the bill, this amendment is designed to protect state retirees from the impact on retirement benefits of decreases in the Consumer Price Index. This amendment requires that if the Consumer Price Index decreases, the Board of Trustees of the Maine Public Employees Retirement System shall set the percentage change at 0% for that September. The adjustment for the following year must be set based on the actuarially compounded Consumer Price Index for both years in a cost-neutral manner.