Maine § 5 §18407 Cost-of-living adjustment to retirement benefit

Maine Statutes

§ 5 §18407 — Cost-of-living adjustment to retirement benefit

Maine·Title 5 ADMINISTRATIVE PROCEDURES AND SERVICES·Part 20 STATE RETIREMENT SYSTEM·Ch. 425 PARTICIPATING LOCAL DISTRICTS

Cost-of-living adjustments to the retirement benefits being paid to retired participating local district employees shall be governed as follows.

1.Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

2.Noncovered districts. Notwithstanding section 18202 and except as provided in this subsection, subsections 3 to 5 apply to all retired employees of noncovered districts and to beneficiaries of those retired employees.

3.Covered districts. A covered district may provide cost-of-living adjustments for its retired employees or their beneficiaries by application to the board of trustees supplying the necessary information. Upon acceptance of such a plan, the district shall supply a certified copy of its action and a sta

Free access — add to your briefcase to read the full text and ask questions with AI

Cost-of-living adjustments to the retirement benefits being paid to retired participating local district employees shall be governed as follows.
1.
Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
2.
Noncovered districts.
Notwithstanding section 18202 and except as provided in this subsection, subsections 3 to 5 apply to all retired employees of noncovered districts and to beneficiaries of those retired employees.
3.
Covered districts.
A covered district may provide cost-of-living adjustments for its retired employees or their beneficiaries by application to the board of trustees supplying the necessary information. Upon acceptance of such a plan, the district shall supply a certified copy of its action and a statement of agreement of payment and costs.
4.
Determination of adjustment for participating local districts not covered by chapter 427.
The cost-of-living adjustment is determined as follows.
5.
Cost.
The board shall determine the costs of the adjustments under this section and shall include those costs in the annual valuation.
6.
Eligibility.
Cost-of-living adjustments under subsection 4 must be applied to the retirement benefits of all retirees who have been retired for at least 6 months before the date that the adjustment becomes payable. Beneficiaries of deceased retirees and members are eligible for the cost-of-living adjustment at the same time the deceased retiree would have become eligible.
7.
Determination of adjustment for participating local districts covered by chapter 427.
The plan provisions adopted by rule pursuant to section 18801 govern any cost-of-living adjustment.
8.
Eligibility.

Maine § 5 §18407 (Cost-of-living adjustment to retirement benefit) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1985, c. 801, §§5,7 (NEW). PL 1993, c. 595, §10 (AMD). PL 2007, c. 249, §30 (AMD). PL 2007, c. 491, §236 (AMD). PL 2009, c. 433, §§5, 6 (AMD). PL 2009, c. 473, §§5, 6 (AMD). PL 2013, c. 391, §§6-8 (AMD). PL 2013, c. 588, Pt. E, §3 (AMD). PL 2017, c. 392, §§6, 7 (AMD). RR 2023, c. 2, Pt. B, §141 (COR).