Maine Public Employees Retirement System

What Maine Public Employees Retirement System does

Maine Public Employees Retirement System (MainePERS) is a Maine state government pension system established in 1942 that administers defined benefit retirement plans, a disability retirement program, group life insurance, and the MaineSTART tax-deferred defined contribution savings program. Its membership base comprises State of Maine employees, teachers, Participating Local District (PLD) employees, legislators, and judges, with membership and employer participation established as mandatory under state law.

Member-facing technology consists of a Member Portal secured by multi-factor authentication, a mobile application, an online Benefit Estimator tool, and Employer Self Service (ESS) for participating employers, with Mimecast deployed for secure email. These channels support benefit calculations, account management, and employer reporting across the covered workforce.

Funding for the system comes from three statutory sources: mandatory member contributions (7.65% of gross earnable compensation for state employees in the regular plan), employer contributions from the State of Maine and PLDs, and investment returns on plan assets. Investment activity includes large-scale infrastructure commitments, with a planned $300 million allocation to Brookfield Super-Core Infrastructure Partners in 2026 and prior $100 million commitments to Brookfield Infrastructure Fund II (2013) and Fund III (2016). Governance and direction are set under a 5-Year Strategic Plan adopted in August 2022, and operations are led by a senior team including CEO Rebecca M. Wyke, CIO James Bennett, COO/General Counsel Michael J. Colleran, CTO Joy Childs, CFO Karen Doyle, and Chief Security Officer Chip Gavin.

Name

Maine Public Employees Retirement System

Legal name

Maine Public Employees Retirement System

Website

https://mainepers.org

Company type

Private

Founded year

1942

Operating status

Operating

Short description

Maine Public Employees Retirement System (MainePERS) is a Maine state government pension system founded in 1942 that administers defined benefit retirement plans, disability benefits, group life insurance, and the MaineSTART savings program for state employees, teachers, and local district workers.

Ownership category

akta.pro rank

Product category

Public Pension Administration

NAICS

Pension Funds (525110), Pension Funds (52511), Other Insurance Funds (525190)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Pensions & Retirement Benefits Administration (BPAIAKAA)

akta.pro secondary industries

Group Disability Income Insurance (Employer-Sponsored) (FSAIAIAB), Benefits Administration & Enrollment Support (BPAAAIAB), Employee Benefit & Retirement Plan Trust Services (FSAAANAC), Residual / Partial Disability & Return-to-Work Benefits (FSAIAIAH)

Keywords

• Public pension administration
• Defined benefit retirement
• Pension fund management
• Government retirement benefits
• Disability retirement program

Headquarters

HQ city

Augusta

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

1. Pension Trust Fund Management: MainePERS operates as a defined benefit pension system funded through a combination of member contributions, employer contributions, and investment returns on the trust fund. The system does not generate profit but maintains sufficient assets to fund retirement obligations.

Pricing tiers

Distribution channels2 records

Marketing channels5 records

Core offering

MainePERS administers defined benefit pension plans for Maine's public sector workforce — State employees, teachers, legislators, judges, and participating local district (PLD) employees — paying lifetime monthly benefits based on length of service, average final compensation, and a 2% per year accrual rate. The system also offers the MaineSTART tax-deferred defined contribution savings program, Group Life Insurance with retiree coverage, and a Disability Retirement Program, supported by online Member Portal, Employer Self Service, and Benefit Estimator tools.

Product overview

MainePERS is a public pension system offering a portfolio of retirement-related products and services. The core offering is the Defined Benefit Retirement Plans (covering State employees, teachers, legislators, judges, and participating local districts), which provide lifetime monthly benefits. This is supplemented by MaineSTART, a tax-deferred defined contribution savings program. Additional offerings include Group Life Insurance (with retiree coverage available) and a Disability Retirement Program. Member-facing services are delivered through the Member Portal (with multifactor authentication) and Employer Self Service platform. A Benefit Estimator tool supports retirement planning.

Differentiator

Problem solved

Functional benefit

Brands

• MaineSTART: A tax-deferred defined contribution retirement savings program administered by MainePERS.

Products and services

• Defined Benefit Retirement Plans Statutory defined benefit pension plans for State employees, teachers, legislators, judges, and participating local district (PLD) employees, providing lifetime monthly retirement benefits calculated using a formula based on length of service, average final compensation, and a 2% per year accrual rate, with 5-year vesting and cost-of-living adjustments beginning the September following the first 12 months of benefits.
• MaineSTART (Defined Contribution Savings Program) Tax-deferred defined contribution retirement savings program administered by MainePERS as a wholly-owned subsidiary, allowing members to save additional funds beyond the defined benefit pension.
• Group Life Insurance Program Term life insurance and accidental death and dismemberment insurance for eligible State employees, teachers, and PLD employees, with coverage continuing into retirement for qualifying members.
• Disability Retirement Program Disability retirement benefits for members who become unable to work but are not yet ready to start their service retirement benefit, based on medical conditions and functional limitations.
• Member Portal Secure online portal providing active and retired members access to account information, member statements, tax documentation, beneficiary selections, and group life insurance information, with multifactor authentication for login.
• Employer Self Service (ESS) Online platform for participating employers to manage payroll reporting, submit pension contributions, access employer training, and administer MainePERS programs for their employees.
• MainePERS Benefit Estimator Online tool that lets members project their service retirement benefits based on retirement age, salary, years of service, and plan type to aid in long-term retirement planning.

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• New York State Teachers' Retirement System (NYSTRS): Provides DB retirement benefits to New York State's public school teachers. Direct functional analog to MainePERS' teacher retirement plan with identical statutory structure, mandatory participation, and DB benefit formula.
• Florida Retirement System: Florida's statewide public pension system offering DB and DC plans to state and local government employees. Operates a similar defined benefit/defined contribution hybrid model with statutory employer participation requirements.
• Massachusetts State Retirement Board: Administers DB pension benefits for Massachusetts state employees with a similar Northeast regional scale and statutory monopoly. Operates comparable benefit structures including service retirement, disability, and survivor benefits.
• CalSTRS (California State Teachers' Retirement System): Statutorily mandated DB pension system for California's public school teachers and community college educators. Closely analogous to MainePERS in that it serves a defined public-sector constituency (educators) with mandatory participation and a defined benefit structure.
• New York State Common Retirement Fund: One of the largest U.S. public pension funds, administering DB retirement benefits for New York State and local government employees. Directly comparable business model and statutory monopoly over public-sector retirement benefits administration.
• CalPERS (California Public Employees' Retirement System): The largest U.S. public pension system, administering defined benefit plans for California state and public agency employees. Comparable to MainePERS in statutory monopoly on public-sector retirement benefits administration and product mix (DB, group health, long-term care).
• Pennsylvania State Employees' Retirement System (SERS): Pennsylvania's statewide DB pension system for state employees, offering retirement, disability, and survivor benefits. Comparable in mission, statutory structure, and product portfolio to MainePERS.
• Texas Teachers Retirement System (TRS): Statutorily established DB pension plan providing retirement and disability benefits to Texas public education employees. Closely mirrors MainePERS' teacher plan in mandatory participation, DB structure, and ancillary group insurance offerings.
• Washington State Department of Retirement Systems: Administers multiple DB retirement plans for Washington State public employees, teachers, judges, and law enforcement officers. Directly analogous multi-plan public-sector pension administrator with statutory governance.
• Ohio Public Employees Retirement System (OPERS): Ohio's statewide DB and DC pension system serving state, local, and public-sector employees. Comparable scale, hybrid DB/DC product offering, and statutory monopoly on public-sector retirement administration.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks4 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mainepers

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Maine Public Employees Retirement System