|Financial Educational Resources|
Permanent employees working 21 or more hours per week must enroll in a qualified retirement plan. The City offers an irrevocable choice between Maine Public Employees Retirement System's (MainePERS) Defined Benefit Plan or ICMA RC's 401(a) Defined Contribution Plan.
MainePERS' participants contribute 6.5% (pre-tax federal basis only) of their total Maine Public Employees Retirement System (MainePERS) pensionable pay to a defined benefit plan. The City of Portland makes contributions on their behalf as determined by MainePERS, on an annual actuarial basis.
Firefighters and firefighter/paramedics hired on or after 3/26/81 and police officers hired on or after 4/17/80 belong to 25 years, no age special plan and remaining employees belong to the regular plan, 25 years, age 60. Vesting is completed after 5 years of creditable service with MainePERS. Disability and survivor benefits are available.
If you wish to find out how many creditable years of service you have with the MainePERS, your contributions to date (statement of account) or an estimate of your monthly pension benefit upon retirement, you may contact MainePERS directly at 1-800-451-9800 or the Benefits Division, x8621 or x8629.
Note: ICMA RC participants contribute 6.5% (pre-tax federal and state) and the City of Portland contributes 7.5% of gross pay. Various options of investment funds available. Vesting for employer contributions is completed after 3 years of City service. Long-term disability benefits (60% of gross salary) are through UNUM.
All permanent employees working 20 hours or less per week and all temporary, seasonal and on-call employees contribute 6.5% of gross earnings (pre-tax federal and state) to the ICMA 457 PTS (Part-time, Temporary & Seasonal) Plan. The City contributes 1.0% on the employee's behalf.