An Act To Clarify The Setting Of Group Life Insurance Coverage Levels Under The Maine Public Employees Retirement System

This bill clarifies how group life insurance coverage levels are calculated for participants in the Maine Public Employees Retirement System. It defines "annual base compensation" as the gross compensation reported on a member's federal wage and tax statement from the previous year, which is used starting each April to set coverage amounts before retirement. For new hires or non-members, the definition uses the expected annual earnable compensation reported by the employer. The change aims to provide clearer guidance on how coverage amounts are determined for public employees in Maine.