22-118E 22-118E . . . Employee Savings Thrift Plan under which three types of contributions can be made: (a) those permitted under a qualified Cash Or Deferred Arrangement ("CODA") under Section 401(k) of Internal Revenue Code, (b) those made by participating companies matching 40% of CODA contributions, and (c) additional voluntary employee contributions made by participants who elect maximum CODA contribution and wish to save additional amounts out of after-tax dollars
Maine Employees Savings Thrift Plan
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FAQ
Employees contribute 7.65% of salary out of each paycheck to the pension fund. The average retirement benefit is $20,151 per year, or $1,679 per month. The State Employee and Teacher Program covers 39,360 active employees and 30,485 retirees and beneficiaries.
Call or e-mail our Retirement Services department to find out your vested status and the normal retirement age for your plan. Is MainePERS a 401(k) plan? A. No, it is a federally qualified defined benefit plan under IRS Code Section 401(a).
Work and Save makes it easier for businesses to offer employees a way to save out of their regular paychecks, helping them take charge of their financial futures and live independently as they age.
As amended, LD 1622, the Work and Save bill, would create the Maine Retirement Savings Program, a way for working Mainers to contribute to a Roth IRA directly from their paycheck. Employers who don't offer their own retirement savings plans will facilitate a deduction for their employees, straight from their paycheck.
In June 2021, Maine signed a bill into law to create the Maine Retirement Savings Program. Under the program, private-sector employers that don't offer a retirement plan must provide their employees the option to contribute to a Roth IRA from their paychecks.
You qualify to receive a benefit upon reaching your normal retirement age of 60, 62 or 65, whether or not you are in service, provided that you have earned creditable service of 5 or 10 years, whichever amount is applicable to you.
I am going to receive service retirement benefits from MainePERS and Social Security. How will this affect me? A: The amount of your MainePERS service retirement benefit is not affected by the amount of your Social Security retirement benefits.