Maine Revised Statutes Title 5 Sec. 17767 – Law enforcement service
Current as of: 2023 | Check for updates
|
Other versions
Service credit for service in law enforcement is governed as follows. [PL 2019, c. 459, §1 (NEW).]
1. Service before becoming member. A member who served as a full-time law enforcement officer with a federal, state, county or local law enforcement agency before becoming a member is entitled under this subsection to purchase service credit for the period of time that the member served as a law enforcement officer if the member has at least 15 years of creditable service at the time of retirement by complying with the terms and conditions of this subsection and the applicable provisions of subsection 2. Service credit purchased under this section is limited to 4 years. Notwithstanding anything to the contrary, a member for which service credit under this section is to be granted must provide a certified statement from the appropriate retirement system that the service credit to be granted has not been and will not be used to obtain other retirement benefits.
[PL 2019, c. 459, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 5 Sec. 17767
- Actuarial equivalent: means an amount of equal value when computed at the discount rate contained in actuarial assumptions adopted by the board. See Maine Revised Statutes Title 5 Sec. 17001
- Benefit: means any payment made, or required to be made, to a beneficiary under chapter 423, subchapter V or chapter 425, subchapter V. See Maine Revised Statutes Title 5 Sec. 17001
- Creditable service: means a person's membership service, the person's prior service and service for which credit is allowable under sections 17755 and 17756; section 17760, subsection 3; section 18258; sections 18355 and 18356; and section 18360, subsection 2. See Maine Revised Statutes Title 5 Sec. 17001
- Member: means any person included in the membership of a retirement program of the retirement system, as provided in chapter 423, subchapter 2, or chapter 425, subchapter 2. See Maine Revised Statutes Title 5 Sec. 17001
- Regular interest: means interest at the rate set from time to time by the board in accordance with section 17156. See Maine Revised Statutes Title 5 Sec. 17001
- Retirement: means termination of membership with a retirement allowance granted under this chapter. See Maine Revised Statutes Title 5 Sec. 17001
- Retirement benefit: means the same as retirement allowance. See Maine Revised Statutes Title 5 Sec. 17001
- Retirement system: means the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001
- Service: means service as an employee for which compensation was paid. See Maine Revised Statutes Title 5 Sec. 17001
- Service credit: means credit received for creditable service as defined under subsection 10. See Maine Revised Statutes Title 5 Sec. 17001
2. Members qualified for credit at actuarial cost. A member qualified under subsection 1 to purchase service credit at the cost set forth in this subsection is entitled to service credit if the member pays an amount that, together with regular interest on that amount, is the actuarial equivalent, at the effective date of the retirement benefit, of the portion of the retirement benefit based on the additional creditable service.
A. Payment must be made before any retirement benefit becomes effective for that member. [PL 2019, c. 459, §1 (NEW).]
B. Payment may be made to the retirement system by a single direct payment or by annual direct payments in accordance with section 17701, subsection 4. [PL 2019, c. 459, §1 (NEW).]
[PL 2019, c. 459, §1 (NEW).]
SECTION HISTORY
PL 2019, c. 459, §1 (NEW).