Maine § 5 §17806 Cost-of-living adjustment to retirement benefits

Maine Statutes

§ 5 §17806 — Cost-of-living adjustment to retirement benefits

Maine·Title 5 ADMINISTRATIVE PROCEDURES AND SERVICES·Part 20 STATE RETIREMENT SYSTEM·Ch. 423 STATE EMPLOYEES AND TEACHERS

Cost-of-living adjustments to the retirement benefits being paid to retired state employees, teachers or beneficiaries of either shall be governed as follows.

1.Determination of adjustment. The cost-of-living adjustment shall be determined as follows.

2.Cost. The board shall determine the costs of the adjustments under this section and shall include those costs in its budget requests.

3.Eligibility. Cost-of-living adjustments under this section must be applied to the retirement benefits of all retirees who have been retired for at least 12 months before the date that the adjustment becomes payable, except that a member who has less than 10 years of creditable service on July 1, 1993 may not receive a cost-of-living adjustment until at least 12 months after reaching normal retirement age

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Cost-of-living adjustments to the retirement benefits being paid to retired state employees, teachers or beneficiaries of either shall be governed as follows.
1.
Determination of adjustment.
The cost-of-living adjustment shall be determined as follows.
2.
Cost.
The board shall determine the costs of the adjustments under this section and shall include those costs in its budget requests.
3.
Eligibility.
Cost-of-living adjustments under this section must be applied to the retirement benefits of all retirees who have been retired for at least 12 months before the date that the adjustment becomes payable, except that a member who has less than 10 years of creditable service on July 1, 1993 may not receive a cost-of-living adjustment until at least 12 months after reaching normal retirement age. Beneficiaries of deceased retirees and members are eligible for the cost-of-living adjustment at the same time the deceased retiree or member would have become eligible. A member who is eligible to retire as of June 30, 1993 and who actually retires effective no later than July 1, 1994 is eligible for the cost-of-living adjustment if that member has been retired for at least 6 months before the date that the adjustment becomes payable.
4.
Limitation on changes in eligibility.
Effective October 1, 1999:

Maine § 5 §17806 (Cost-of-living adjustment to retirement benefits) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1985, c. 801, §§5,7 (NEW). PL 1989, c. 557 (AMD). PL 1993, c. 410, §L31 (AMD). PL 1993, c. 595, §6 (AMD). PL 1999, c. 489, §4 (AMD). PL 2009, c. 433, §§3, 4 (AMD). PL 2009, c. 473, §§3, 4 (AMD). PL 2011, c. 380, Pt. T, §§10, 11 (AMD). PL 2011, c. 380, Pt. T, §26 (AFF). PL 2013, c. 424, Pt. B, §1 (AMD). PL 2015, c. 334, §§1, 2 (AMD). RR 2015, c. 2, §4 (COR). PL 2021, c. 635, Pt. NN, §§1, 2 (AMD). RR 2023, c. 2, Pt. B, §113 (COR).