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