- Maine Public Employees Retirement System
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The Maine Public Employees Retirement System (MainePERS), established in 1942, provides services for retiring public employees. The System’s contributing members include:
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- Public school teachers and administrators
- State employees
- Municipal and other local employees
In addition to active members, many public sector retirees and their beneficiaries receive monthly benefits from retirement plans offered by MainePERS. The System also administers the following programs for eligible individuals:
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- Disability Retirement
- Group Life Insurance
- MaineSTART, a tax-deferred retirement savings program
Activity
The Maine Public Employees Retirement System (MainePERS) is an independent public agency of the State of Maine. By the authority granted to it by the Maine Legislature, the System administers retirement programs that cover State employees, the State's public school teachers, judges, legislators, and employees of municipalities and other public entities, called "participating local districts" (PLDs) that have chosen to provide retirement plans through MainePERS. The System is also responsible for the payment of retirement and survivors' benefits to former governors and their surviving spouses and to judges who retired prior to the establishment of the Judicial Retirement Program in 1984. In addition, the System administers a Group Life Insurance Program that provides or makes available life insurance benefits for active and retired System members and for the employees of a few PLDs for whom MainePERS administers only the Group Life Insurance Program. The System also administers defined contribution plans for PLD employees.[citation needed]
Governance
The responsibility for the operation of the Maine Public Employees Retirement System is held by the System's Board of Trustees. State law specifies the composition of the Board, whose members are confirmed by the Legislature. All appointed trustees are required to have "a working knowledge of retirement policy and legal issues and a general knowledge and understanding of banking, finance and investment practices."
Three trustees are Retirement System members, one proposed and elected by the Maine Education Association; one by Maine State Employees Association; and one a Participating Local District member proposed by the governing body of the Maine Municipal Association. The Governor appoints four trustees. Of these, the Governor must select one nominated by the Maine Retired Teachers Association and one must be a MainePERS retiree nominated by State and/or Participating Local District retirees. The remaining two appointees are direct gubernatorial appointments, both of whom must be qualified through training or experience in the field of investments, accounting, banking or insurance, or as actuaries. The eighth trustee is the State Treasurer, who serves ex-officio. All trustee terms are three years, except for the two-year term of the State Treasurer. The Board annually elects its chair and vice chair from its members.[citation needed]
External links
Categories:- Retirement in the United States
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