An Act To Increase the Base for the Cost-of-living Increase for Retired State Employees and Teachers
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 5 MRSA §17806, sub-§1, ¶A, as amended by PL 2011, c. 380, Pt. T, §10 and affected by §26, is further amended to read:
A. Except as provided in paragraph A-1, whenever there is a percentage increase in the Consumer Price Index from July 1st to June 30th, the board shall automatically make an equal percentage increase in retirement benefits, beginning in September, up to a maximum annual increase of 3%. Effective July 1, 2011, the increase applies to that a portion of the retirement benefit , up to $20,000 , which amount . That $20,000 limit must be indexed in subsequent years by the same percentage adjustments granted under this paragraph. Effective July 1, 2014, the increase applies to a portion of the retirement benefit up to $30,000. That $30,000 limit must be indexed in subsequent years by the same percentage adjustments granted under this paragraph.
Sec. 2. Effective date. This Act takes effect January 1, 2014.
summary
This bill increases the base for the calculation of cost-of-living increases for retired teachers and state employees under the Maine Public Employees Retirement System from $20,000 to $30,000 beginning in 2014 and makes a grammatical correction.