on - Session - 128th Maine Legislature
Resolve, To Require a Review of the State Employee and Teacher Retirement Plan
Emergency preamble. Whereas, acts and resolves of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, this resolve establishes a working group to evaluate and design retirement plan options for all state employees and teachers; and
Whereas, the working group must be convened before the 90-day period expires in order that the evaluation may be completed and a report submitted in time for submission to the next legislative session; 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, be it
Sec. 1. Evaluation and design of retirement benefit plan for state employees and teachers; working group established. Resolved: That the Maine Public Employees Retirement System and the Department of Administrative and Financial Services, within their existing resources, shall jointly convene and provide necessary staffing assistance to a working group to evaluate and design retirement plan options for all state employees and teachers in accordance with this section.
1. Definitions. As used in this resolve, unless the context otherwise indicates, the following terms have the following meanings.
2. Membership. The working group consists of:
3. Retirement plan options. The working group shall evaluate various retirement plan options, including but not limited to the:
4. Evaluation criteria. In evaluating retirement plan options, the working group shall assess the likelihood of each option to:
5. Duties. In evaluating and designing retirement plan options for state employees and teachers, the working group shall consult, as needed, with experts in the retirement and investment field and shall identify the plan or plans that it recommends for consideration by the Legislature. In identifying a plan or plans, the working group shall determine the financial impact of each plan on the employee or teacher and on the State and shall develop implementation timelines and criteria for the plan or plans the working group recommends for consideration by the Legislature; and be it further
Sec. 2. Report. Resolved: That no later than January 1, 2018, the Maine Public Employees Retirement System shall submit to the Legislature the report of the working group established in section 1 on the retirement plan option or options that the working group recommends for consideration by the Legislature, including any necessary implementing legislation that, notwithstanding Joint Rule 353, is authorized for introduction to the Second Regular Session of the 128th Legislature.
Emergency clause. In view of the emergency cited in the preamble, this legislation takes effect when approved.
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