Congratulations to all retired in Social Security — their check went up by 3.2% this month. That was the federal government’s COLA (cost of living adjustment), to help retirees fight inflation and be able to pay their bills.
Every year Social Security retirees receive a COLA, which is beneficial. It is not that way in the Maine retirement system, MainePERS.
Up to 2011 retirees in MainePERS received a COLA every year, just like Social Security. In 2011 the Republican LePage administration changed the yearly COLA rules.
In 2011 the change said that Maine retirees could get a COLA on only the first $20,000 of the pension amount, and that anything over that would receive zero COLA. People who had worked 35 years and earned a $40,000 pension only received a COLA on half of their pension.
This change made it so retirees in MainePERS could not keep up with inflation; they are going backward every year.
There is a bill — L.D. 70, passed last session in Augusta — which would help fix this terrible idea. L.D. 70 will be worked on in 2024.
Would all of the people in Social Security want this to happen to them every year? Most Social Security people I tell about this believe I am not telling the truth because … “everyone knows a COLA is applied to your whole pension.”
I would tell the people in Social Security beware; this Republican idea may be heading their way.
Crystal Ward, Lewiston, Maine Education Association retiree
Comments are no longer available on this story