Maine
Overview
The Maine Public Employees Retirement System (MainePERS) administers pension and other benefits for most public employees in the state, including state employees, public school teachers and other school district employees, and employees of political subdivisions that have elected to participate. The system administers the State and Teacher Plan, the Consolidated Plan (for employees of state and local public entities including school districts), and plans for legislators and judges. Maine PERS also administers a 401(a), 403(b), and 457 plan.
Plan Design
Defined benefit plans serve as the primary retirement benefit for substantially all public employees in Maine.
According to the US Government Accountability Office, 36 percent of employees of state and local government in Maine participate in Social Security.
Authorizing Statutes and Board Structure
Maine Revised Statutes Title 5, Part 20 establishes the Maine Public Employees’ Retirement System and the 8-member Board of Trustees.
Details regarding the composition of these and other retirement boards is accessible via the Retirement and Investment Board Characteristics search tool located at the bottom of this page.
Fiduciary Duty/Prudence Standard
MainePERS trustees are required by statute to adhere to the requirements of the Maine Uniform Trust Code in discharging their investment responsibilities.
These requirements are outlined in Title 18-B, Part 1, Chapter 8 of the Maine Revised Statutes. According to 18-B ME Rev Stat § 804:
A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution.
Legal Protections of Retirement Benefits
It appears that the Maine courts have yet to address the exact protections for public pension benefits. Nevertheless, the courts recognize an employee's legitimate retirement expectations and will likely weigh those expectations against the government's justifications for an amendment. Spiller v. State, 627 A.2d 513 (Me. 1993) (declining to imply contractual rights where no intent expressed in statutory language but recognizing that state employees have "legitimate retirement expectations, entitling them to due process); Huard v. Maine State Retirement Sys., 562 A.2d 694 (Me. 1989)(state employees have legitimate retirement expectations); Soucy v. Board of Trustees of Maine State Retirement System, 456 A.2d 1279 (Me. 1983)(declining to address constitutional issues and holding that insubstantial changes in amount of retirement benefits did not impair retired police officers' state or federal constitutional rights); Me. Op. Atty. Gen. No. 91-6 (reasoning that Maine courts are likely to use a case-by-case approach weighing the particular alteration of the state employee's pension rights against the asserted governmental objective).(ME CONST., Article 1, §11) Source: Robert Klausner, Esq., State Constitutional Protections for Public Sector Retirement Benefits
See also the following search tools:
Retirement System Account Interest Policies | Economic Actuarial Assumptions | Retirement and Investment Board Characteristics |
Information about interest rates applied to account balances of inactive plan participants | Assumed rates of investment return and inflation | Composition and characteristics of public retirement and investment oversight boards |
Mortality Assumptions | Plan Design Features | Post-retirement Employment Policies |
Public retirement system actuarial assumptions for mortality | Numerous elements of retirement plan design | Policies governing return-to-work for retirement system annuitants |
More Data
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Population (2023) 1,395,722 |
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Maine public pension statistics, |
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Assets |
$19.0 billion |
Active Members |
53,944 |
Annuitants |
50,021 |
Benefits Paid |
$1.2 billion |
Employee Contributions |
$238.5 million |
Employer Contributions |
$558.5 million |
Systems |
One state system that accounts for 100 percent of assets and public pension plan participants in the state. |
More Data
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Roll Call (members-only)