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As a member of the Maine Public Employees Retirement System, you contribute, along with the State of Maine, to both retirement and life insurance benefits. These benefits include: Service Retirement Benefit - Most state employees currently contribute 7.65% of their total earnable compensation into the MainePERS.
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.
If you wish to calculate such estimates, you may do so yourself by using the basic full benefits service retirement benefits formula (2 percent X years of service X average of highest three years' compensation = annual full benefits service retirement at normal retirement age).
You qualify to receive a benefit once you have at least 25 years of service credit. 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.
While Maine does not tax Social Security income, other forms of retirement income are taxed at rates as high as 7.15%. It also has above average property taxes. To find a financial advisor who serves your area, try our free online matching tool. Maine is not tax-friendly toward retirees.
While Maine does not tax Social Security income, other forms of retirement income are taxed at rates as high as 7.15%. It also has above average property taxes. To find a financial advisor who serves your area, try our free online matching tool. Maine is not tax-friendly toward retirees.
You may withdraw your contributions at a later date or apply for a retirement benefit if and when you qualify. You cannot borrow against the funds you leave in your MainePERS account. If you are not vested, your account balance may automatically be refunded to you three years after you terminate.