Code of Maine Rules
94 - INDEPENDENT AGENCIES
411 - MAINE PUBLIC EMPLOYEES RETIREMENT SYSTEM (MAINEPERS)
Chapter 601 - GROUP LIFE INSURANCE
Section 411-601-5 - COVERAGE UPON RETIREMENT
Current through 2024-38, September 18, 2024
1. For members of a MainePERS retirement program terminating employment in order to draw a MainePERS service retirement benefit, for reasons other than disability, the member's basic life insurance only will continue into retirement at no cost to the member, providing the member has a minimum of ten (10) years of group life insurance coverage, the coverage is in force at the time of termination, and the member's completed Application for Retirement is received at MainePERS within 31 days of the member's termination date and the member's effective retirement date is within the same 31 day period.
2. For a participant of a Participating Local District who is not a member of a MainePERS Participating Local District retirement program and who terminates employment while receiving a retirement benefit under the United States Social Security Act or who begins to receive a benefit under the United States Social Security Act within 31 days of terminating their employment, the participant's basic life insurance may continue into retirement at no cost to the participant if the participant has a minimum of 10 years of coverage and has coverage on the date of termination. The level of coverage into retirement will be based on the average of the last three years of coverage.
3. For a participant of a Participating Local District who is not a member of a MainePERS Participating Local District retirement program and who is covered under another "qualified plan", as that term is defined in the Internal Revenue Code, who is terminating employment for reasons other than to receive disability retirement, in order for the participant's basic life insurance to continue into retirement at no cost to the participant, the participant must have attained age 60, or have 25 years of service under the qualified plan and have both a minimum of ten 10 years of Group Life Insurance coverage and coverage at the time of termination. The level of coverage into retirement will be based on the average of the last three years of coverage on the date of retirement.
