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Maine Legislators Contemplate Changes to Maine State Retirement System

In Maine, unlike most states, state employees do not pay into the federal Social Security system. Some Maine legislators are seeking to change that. Under the current system, only 1 in 5 employees receives a full pension because most employees do not work for the State long enough to get the full pension. For most State employees, when they move to a new employer, they take no pension and no Social Security credit with them. The legislators looking to change the system want State employees to be able to get credit under the Social Security system that they can take with them if they leave State employment. They believe that this change would also help fill a hole in the funding of the Maine State Retirement System.