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.