| Be it enacted by the People of the State of Maine as follows: |
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| | Sec. 1. 5 MRSA §17701-B, as enacted by PL 1993, c. 410, Pt. L, §28, | is amended to read: |
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| §17701-B. Member contributions on and after July 1, 1993 |
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| | Notwithstanding sections 17701 and 17701-A, on and after July | 1, 1993 all members shall contribute to the retirement system or | have pick-up contributions made at a rate of 7.65% 6.5% of | earnable compensation except as otherwise provided in this Part. |
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| | Sec. 2. 5 MRSA §17806, sub-§3, as amended by PL 1993, c. 595, §6, is | further amended to read: |
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| | 3. Eligibility. Cost-of-living adjustments under this | section must be applied to the retirement benefits of all | retirees who have been retired for at least 12 months before the | date that the adjustment becomes payable, except that a member | who has less than 10 years of creditable service on July 1, 1993 | may not receive a cost-of-living adjustment until at least 12 | months after reaching normal retirement age. Beneficiaries of | deceased retirees and members are eligible for the cost-of-living | adjustment at the same time the deceased retiree or member would | have become eligible. A member who is eligible to retire as of | June 30, 1993 and who actually retires effective no later than | July 1, 1994 is eligible for the cost-of-living adjustment if | that member has been retired for at least 6 months before the | date that the adjustment becomes payable. |
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| | This bill repeals the 1.15% increase in employee contributions | and reinstates the cost-of-living adjustment for retirement | system members retiring before normal retirement age. |
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