Message from MainePERS

A Message from

Thank you for your patience as we do our part to stem the spread of the coronavirus. Our offices will remain closed to the public through May 15th, or earlier if circumstances allow. The best way to get an answer to your question is to send an email to info@mainepers.org. Please include your name and phone number, but do not include your Social Security number in your message. If you are unable to email, please call us at 207- 512-3100 and leave your name, phone number and a very brief message. Shorter messages allow more members to leave messages in our inbox and help us to respond more efficiently to member and retiree needs. Thank you so much for your patience and assistance.

Does the Market Volatility Change My Retirement Check?

Your monthly retirement payment does not change with market volatility. Your benefit is fixed when you retire and is increased after that by cost-of-living adjustments (COLAs). The way your COLA works depends on which MainePERS defined benefit retirement plan you are in. More information on how your COLA works can be found here.

MainePERS defined benefit plans are pre-funded. That is, money is set aside in a trust fund today to pay your benefit in the future. Currently, all of the pension plans MainePERS administers are prefunded at 82% or higher, which place our plans as some of best funded public plans in the country. While we are always working toward having our plans 100% funded, market ups and downs do change the pre-funding level of the plans. Market downturns such as the one we are currently experiencing do not change our ability to pay your retirement benefits. Your benefits will continue to be paid.

Market gains and losses do affect your 457, 403b or other defined contribution plan balances. We encourage you to seek the assistance of a professional advisor before withdrawing funds or changing your asset allocation in your defined contribution plan in a market loss situation. If you are a participant in one of our MaineSTART defined contribution plans, please submit any questions to info@mainepers.org.

Tax Filing Deadlines Extended

The State of Maine and the federal government have both extended tax filing deadlines to July 15, 2020. Please call 512-3100 if you have not received your 1099 and we will reissue it to you. We have found people may have confused our 1099 for junk mail, so please watch your mail carefully for a perforated document that states “Important Tax Information” if you have asked us to reissue your 1099.

Federal Stimulus Program

MainePERS retirees are eligible for federal stimulus program rebates. Anyone who files a tax return will get a payment automatically if eligible based on income. All non-filers are strongly encouraged to use the IRS new web tool instead of waiting: https://www.irs.gov/coronavirus/economic-impact-payments.