An Act To Reduce The Benefit Penalty Imposed On Career Educators Who Retire After 35 Years Of Service

This bill modifies the retirement rules for teachers in Maine who have at least 35 years of service, allowing them to retire with a benefit calculated as if they had not reached the early retirement threshold. Instead of the previous penalty structure, the new provision reduces their monthly benefit by 5% for every year they retire before reaching the standard retirement age of 62 or 65. To fund this change, the state allocates approximately $12.2 million from the General Fund to cover the additional costs associated with these early retirements.