State lawmakers consider freezing enrollments in pension system

Posted March 11, 2012, at 11:35 a.m.

AUGUSTA, Maine — 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 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.

Information from: Portland Press Herald, http://www.pressherald.com

 

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