‘An Act To Authorize the Maine Public Employees Retirement System To Procure and Offer Long-term Disability Insurance’
| HP0132 LD 176 |
Session - 128th Maine Legislature "", Filing Number , Sponsored by
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LR 1033 Item 2 |
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| Bill Tracking, Additional Documents | Chamber Status | ||
Amend the bill by striking out the title and substituting the following:
‘An Act To Authorize the Maine Public Employees Retirement System To Procure and Offer Long-term Disability Insurance’
Amend the bill by striking out everything after the enacting clause and inserting the following:
‘Sec. 1. 5 MRSA c. 423, sub-c. 7 is enacted to read:
SUBCHAPTER 7
LONG-TERM DISABILITY INSURANCE
§ 18101. Long-term disability insurance coverage authorized
The board may offer long-term disability insurance coverage to members through their employer and may contract with one or more insurance companies to provide this coverage.
Sec. 2. 5 MRSA c. 425, sub-c. 7 is enacted to read:
SUBCHAPTER 7
LONG-TERM DISABILITY INSURANCE
§ 18701. Long-term disability insurance coverage authorized
The board may offer long-term disability insurance coverage to members and employees who choose not to become members but participate in the defined contribution plan pursuant to section 18801, subsection 1 through their employer and may contract with one or more insurance companies to provide this coverage.
Sec. 3. Report. The Maine Public Employees Retirement System shall report twice to the joint standing committee of the Legislature having jurisdiction over retirement matters, no later than January 31, 2019 and January 31, 2020, on the use of the authority granted to the Board of Trustees of the Maine Public Employees Retirement System pursuant to the Maine Revised Statutes, Title 5, chapter 423, subchapter 7 and Title 5, chapter 425, subchapter 7, including the results of any offering of long-term disability insurance by the board.’
SUMMARY
This amendment replaces the bill, which is a concept draft.
The amendment authorizes the Board of Trustees of the Maine Public Employees Retirement System to procure and offer long-term disability insurance to the retirement system's members and employees who choose not to become members but participate in the defined contribution plan pursuant to the Maine Revised Statutes, section 18801, subsection 1. The decision about whether to offer coverage is made by the employer. Premiums would not be paid for by the retirement system, but would be paid by employers, by employees electing the coverage or by a combination of both.
The amendment also directs the retirement system to report twice to the joint standing committee of the Legislature having jurisdiction over retirement matters on the use of the authority granted by this bill, once in 2019 and once in 2020.