Retirement

Your Retirement - Which is the Best Option for You?

As a permanent or project City of Portland employee scheduled to work 21 or more hours per week, you have the option to join one of two retirement programs - either the Maine Public Retirement System (MainePERS) Defined Benefit program or the MissionSquare Retirement (formerly ICMA-RC) Defined Contribution program.

If you elect not to join MainePers, then you shall participate in the City’s alternative pension plan choice, MissionSquare Retirement (formerly ICMA-RC) 401(a) Defined Contribution Plan.  Various investment fund options are available for you to choose from.

All permanent employees working 20 hours or less per week and all temporary, seasonal, and on-call employees are automatically defaulted into the MissionSquare Retirement (formerly ICMA-RC) 457 PTS Plan.  Employees contribute 6.5% of their gross earnings and the City contributes 1.0% on the employee’s behalf.

Federal law requires employees to participate in a qualified pension plan since the City of Portland does not cover employees under Social Security.

The pension choice you choose is irrevocable and will be your choice during all periods of employment with the City of Portland.

You need to decide which pension plan is best for you.

Below is a brief description and comparison of these plans to help you decide. To review further information for MainePERS Defined Benefit Plan, go to https://www.mainepers.org/before-you-join/ and to read more about the MissionSquare (formerly ICMA RC) 401(a) Defined Contribution Plan, visit icmarc.org/products-and-services/401(a)-defined-contribution-plans.html

**Note: Loans and/or hardship withdrawals are not available with either of these pension choices

Retirement
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    • Learn more about your retirement benefits.
    Retirement Resources
    • City of Portland Employee Quick Reference Guide
    • Windfall Elimination Provision Fact Sheet
    • Pension Comparison Chart French
    • MainePERS Retirement Handbook
    • Government Pension Offset Fact Sheet
    • MissionSquare - Retirement Education Center
    • MePERS Rates
    Supplemental Retirement Savings Plan Resources
    • MissionSquare Roth IRA Auth Form
    • 457 Deferral Change Form and Plan Highlights
    • 401a Plan Highlights
    Benefit counselors are standing by between 8:00 AM – 8:00 PM EST. (language support is available).
    1. Call (866) 245-0753.  Benefit counselors are standing by between 6:00 AM – 6:00 PM EST.  (language support is available)
    2. Access PlanSource:
      To Login, go to www.plansource.com/login and enter your username and password.

      • Username: Your username is the first initial of your first name, up to the first six letters of your last name, and the last four digits of your SSN.  For example, if your name is Taylor Williams, and the last four digits of your SSN are 1234, your username would be twillia1234.
      • Password: Your initial password is your birthday in the YYYYMMDD format. For example, if your birthdate is June 4, 1979, your password would be 19790604.
      • The first time you log in, you will be prompted to change your password.
    3. Schedule an appointment with a benefits counselor by clicking below.