An Act To Address Employee Retention Of State Employees Who Are Firefighters At Bangor International Airport

LD 1236 creates a special retirement plan for firefighters employed by the Department of Defense, Veterans and Emergency Management at Bangor International Airport, specifically for those covered by the Federal Government's annual payment to the retirement system. It allows these firefighters to retire after 25 years of service (regardless of age), with benefits calculated as half their average final salary plus an additional 2% for each year of service beyond 25. Employees must contribute 8.65% of their pay until reaching 25 years of service, then 7.65% thereafter. The plan applies to firefighters hired on or after July 1, 1998, who meet the Federal payment requirement.