PORTLAND (AP) — Mainers have approved a constitutional amendment dealing with the state pension system.
The ballot question on Tuesday dealt with amortization of pension losses.
Many voters were confused by the wording of the ballot question, but it still won support.
The idea was to stretch from 10 years to 20 years the time required to pay back any unfunded liability that was created by investment losses. The state says the extended timeline would insulate the system from shifts in the economy while still protecting the public retirement system.
The pension system to support retired state employees and teachers is in Maine Constitution, so any changes require a constitutional amendment approved by referendum.
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