When can I retire?
I am thinking about retiring. When should I contact MainePERS?
How soon will I receive my first retirement benefit payment?
What if I do not receive my check?
How do I arrange to have my benefit paid to me by direct deposit instead of by check?
Who can answer a retiree's questions about health and/or dental insurance?
How is the Cost of Living Adjustment (COLA) figured each year?
How do I notify MainePERS when I change my winter/summer address?
Can I get back my own employee contributions to MainePERS?
Can I take a refund of the money paid in by my employer?
What does it mean to be "vested"?
Can I find out how much money I have put into the Retirement System and/or how much creditable service time I have on record?
I am getting a divorce. Will my Retirement System contributions be affected?
Can I buy time toward my retirement and receive additional service credit?
I am (or may be) entitled to receive both MainePERS service retirement benefit and Social Security retirement benefits. Do these two benefits affect each other in any way?
General Information regarding Advices of Deposit for MainePERS Annuitants
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Q: When can I retire?
A: When you can retire depends upon the MainePERS plan under which you are covered. In most cases, you can retire with a full benefit either at age 60 or 62 (depending on your plan) with at least 1 year of creditable service immediately before retirement, or at any age with at least 25 years of creditable service. If you retire sooner than age 60 or 62 and receive a monthly retirement benefit, certain reductions to your benefit will apply. Members covered under a State Special Plan or a PLD Special Plan may have different criteria for retirement. If you are uncertain about which plan you are covered under, check with your employer. Additional information can be found about the various plans on this web site by choosing Publications on our home page, then clicking on the appropriate handbook - State, Teacher or PLD.
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Q: I am thinking about retiring. When should I contact MainePERS?
A: You should contact MainePERS and request an estimate of benefits when you are within 6 to 12 months of your anticipated retirement date. This will give us time to calculate your estimated benefit under each of the options that are offered. It will also give you (and your financial advisor if you wish) time to meet with a MainePERS Retirement Specialist, who will explain your options.
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Q: How soon will I receive my first retirement benefit payment?
A: If we are unable to finalize your benefit amount in time for payment in the month you retire, we will begin paying benefits to you on a preliminary basis. Preliminary Benefit (PB) payments are equal to 90% of your estimated benefit under the retirement option that you select, and are typically paid at the end of your first month of retirement.
Once your benefit calculations are finalized, an adjustment will be made to your first regular benefit payment to make up the difference between your preliminary and your actual retirement benefit.
If your service retirement benefit is subject to either a child support order or a qualified domestic relations order (a court order instructing MainePERS to pay all or part of your benefit to one or more "alternate payees," as in a divorce settlement), you are not eligible for preliminary benefit payments.
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Q: What if I do not receive my check?
A: If your check is more than a few days late or you have recently changed your address, you should call the Benefits Payroll Unit at MainePERS to verify the status of the check. Delays by the postal service in the delivery of mail do occur from time to time. If your check is still outstanding after 10 calendar days, the MSRS will place a stop payment order on the original check and reissue it as soon as possible. You may also send to MainePERS a torn or damaged check for replacement if necessary. To avoid these problems, consider taking advantage of Electronic Direct Deposit which automatically deposits your check into your bank or credit union account each month. Please call the MainePERS for information, or complete form AC-0400 and return to MSRS.
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Q: How do I arrange to have my benefit paid to me by direct deposit instead of by check?
A: We strongly encourage you to have your benefit payment deposited directly into an account at your financial institution. Direct deposit forms may be obtained by contacting the Benefits Payroll Unit at MainePERS, or complete form AC-0400 and return to MainePERS.
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Q: Who can answer a retiree's questions about health and/or dental insurance?
A: All questions regarding health insurance should be directed to the administrators of the various health insurance programs under which members are covered. These are listed below for your convenience. Although a retiree's health insurance premium may be deducted from his/her MainePERS benefit check each month, MainePERS does not administer any health insurance program.
Program Administrators for health insurance:
State Retirees: State Employee Health - 1-800-422-4503
Teacher Retirees covered through Maine School Management Association 1-800-660-8484
Teacher Retirees with Anthem/Blue Cross - 1-888-399-8706 (Ext 1, Option 2)
Teacher Retirees without Anthem/Blue Cross, whether or not under MSMA, should request assistance from the school administrative unit from which the teacher retired.
PLD employees: Check with your payroll department
Dental insurance inquiries should be directed to the organization that provides your coverage:
Maine State Employees Association - 1-800-452-8794
Maine Education Association - 1-888-942-2907
Maine Association of Retirees Inc - 1-800-535-6555
Maine School Management Association - 1-800-660-8484
Blue Cross/Blue Shield - 1-800-322-9808
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Q: How is the Cost of Living Adjustment (COLA) figured each year?
A: The COLA rate is set by statute at the amount of the change in the Consumer Price Index for All Urban Consumers (CPI-U) for the 12-month period preceding each June 30. State employee and teacher benefit recipients are eligible to receive a cost-of-living adjustment (COLA) in the first September after having been retired for at least 12 months. State employee and teacher benefit recipients whose normal retirement age is 60 are eligible to receive a cost-of-living adjustment in the first September after having been retired for at least 12 months. For example, if you retired on or before September 1, 2004, you will receive a COLA in September 2005; if you retired as of October 1, 2004, you will receive a COLA in September 2006. If, however, your normal retirement age is 62, you are not eligible to receive a COLA until at least 12 months after you reach age 62.
Participating Local District (PLD) benefit recipients who are covered by a retirement plan that includes the COLA provision are eligible to receive a COLA the first September after having been retired for at least six months and annually thereafter. For example, if you retired on or before March 1, 2005, you will receive a COLA in September 2005. If you are unsure whether your district has a COLA provision, check with your payroll office or the PLD Unit of the Retirement System.
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Q: How do I notify MainePERS when I change my winter/summer address?
A: For your protection, the MainePERS requires your written and signed authorization to change the address for delivery of your check or advice of deposit. You need to include both your old and new address and your social security number when sending your authorization to MainePERS. MainePERS wants to be as sure as possible that you are the person who has changed your address. For the greatest protection, MainePERS recommends that you switch to the direct deposit of your retirement check.
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Q: Can I get back my own employee contributions to the MainePERS?
A. If you have terminated your MainePERS-covered position, and wish to withdraw your contributions, you may do so by contacting MainePERS and requesting a Refund Application packet. The packet includes a refund application form and important information to read before making a final decision to request a refund. By refunding your MainePERS contributions, you give up your rights to any MainePERS benefits you may be entitled to. It may not be in your best interest to withdraw your contributions. For your protection, you need to carefully investigate the pros and cons of withdrawal. We may be able to help you identify what to consider. This is a major decision.
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Q: Can I take a refund of the money paid in by my employer?
A: No. If you choose to withdraw your contributions, you receive only your contributions plus interest. Your employer makes contributions in order to fund your pension at retirement. If you are ineligible for a retirement benefit, or elect to withdraw your own contributions, you will not receive funds contributed by your employer. It is a major disadvantage to most members not to receive a future benefit from the employer's contributions made on their behalf.
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Q: What does it mean to be "vested"?
A: Being vested means that you have met the specified creditable service requirement that enables you to receive a monthly benefit upon retirement at the normal retirement age under your plan. In the legislative sessions of 1999 and 2000, the Legislature amended the vesting requirement for members in the State/Teacher, PLD, Legislative and Judicial systems from 10 years to 5 years. Because the effective date of this change is October 1, 1999, the 10-year vesting requirement still applies to those whose last date of MainePERS-covered employment was before October 1, 1999.
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Q: Can I find out how much money I have put into the Retirement System and/or how much creditable service time I have on record?
A: Yes. Call MainePERS to request this information and you will be sent a Statement of Account showing how much money you have put into the Retirement System and a statement of your creditable service. You will need to give your name and social security number when you call. If you are thinking about taking a refund of your own contributions, you need to be sure you understand the value of what you would be giving up. We can help identify what to consider.
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Q: I am getting a divorce. Will my Retirement System contributions be affected?
A: It is possible, depending upon how your assets are divided by the court pursuant to a qualified domestic relations order (QDRO). If you have questions about your Retirement System funds and divorce, contact MainePERS and ask to speak with the QDRO Administrator.
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Q: Can I buy time toward my retirement and receive additional service credit?
A: The law identifies a number of categories of service (e.g. military service, time in the Peace Corps) which one may be eligible to purchase as additional MainePERS credit, provided eligibility requirements are met and appropriate verification can be provided. For more information, visit the Publications section of the site and click on the member handbook specific to the plan under which are you covered.
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Q: I am (or may be) entitled to receive both a MainePERS service retirement benefit and Social Security retirement benefits. Do these two benefits affect each other in any way?
A: The amount of your MainePERS service retirement benefit is not affected by your receipt of Social Security retirement benefits.
If you are eligible to receive Social Security retirement benefits either because you worked in a Social Security covered job or because your deceased spouse did, the amount of your Social Security benefit may be affected by your receipt of a Maine Public Employee Retirement benefit.
The Social Security provisions at issue are the windfall elimination provision (WEP)(Social Security benefits from your own work) and the government pension offset (GPO)(Social Security benefits as a spouse or widow(er)).
Neither Maine law nor Retirement System policies cause the effects of these provisions. The effects result from federal law administered by the Social Security Administration (SSA). To obtain information about any effect from receiving MainePERS benefits on your Social Security benefits, please contact SSA directly at http://www.ssa.gov/SSA_Home.html . You can locate the SSA office nearest you by referring to your local phone book under "United States Government - Health and Human Services". Though we recommend that you work with a Claims Representative from your local SSA office, you can alternatively contact SSA via their national toll-free number at 800-772-1213.
If you have any questions that are not addressed here, or if you need additional information, than provided here, please contact MainePERS Office at (207) 512-3100 or toll-free at 1-800-451-9800.
Disclaimer:
The information contained in this Web site is general in nature and is not a complete statement of the laws governing MainePERS or the administrative policies of the System. You should not rely on this general information to guide you in important individual decisions; consult with your own financial or legal advisor or with MainePERS staff. Should there be any conflict between this information and Maine laws or MainePERS policies, the laws and policies will prevail. For more information regarding MainePERS please refer to the Constitution, Statutes, and Session Laws of Maine at http://janus.state.me.us/legis/ros/meconlaw.htm
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