Maine lawmakers mull retiring pension system

AUGUSTA, Maine (AP) — Maine lawmakers are considering freezing enrollments in the state's $10 billion public employee retirement system.

Current employees and retirees wouldn't be affected, but future employees could be shifted into the Social Security System and a smaller supplemental retirement plan.

The Maine Sunday Telegram (http://bit.ly/wDRpL7 ) says a report submitted last week to the Legislature describes one possible option for a new system, which could take effect as soon as June 2015. The Appropriations Committee is expected to discuss the report in the coming weeks, although a decision is not likely until next year.

The committee Chairman, Sen. Richard Rosen of Bucksport says it's a good time to consider a new start now that the existing pension system is stabilized. Lawmakers have addressed underfunding in the 70-year-old system.

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Comments

Pensions

And another nail in the coffin of the middle class. Defined Benefit Pension Plans have become the new target in the war on the middle class. Many companies and local governments are now on the work till you die plan. Sad!!

Steve Lovejoy's picture

Pension costs

The whole reason we have a state pension plan is because we couldn't afford to pay, as an employer, the matching funds for social security! Last year the governor was trying to shift more responsibility to the teachers and state employees and reduce the amount the state pays in. The state already pays in less than they would have to under SS. So where is the money going to come from for this?

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