Mainers back pension reform

Maine voters approved a constitutional amendment to double the amount of time state pension managers have to compensate for losses, according to a projection by The Associated Press.

With 52 percent of precincts reporting at 9:50 p.m. Tuesday, vote tallies showed support for the constitutional change at 62 percent and opposition at 38 percent.

The change voted on Tuesday would provide a 20-year amortization period, doubling the time the state has to catch up after market losses. That will reduce big swings in what the state pays into the system year to year.

The retirement system stewards an investment pool for more than 70,000 government employees, teachers and retirees. The system is funded by contributions from members and appropriations from state government. The state’s payments to the system have ranged from nearly $400 million in 1995 to around $320 million in 2017.

Read more: http://bangordailynews.com/2017/11/07/politics/public-employee-pension-stabilization/