Maine Revised Statutes Title 3 Sec. 701 – Definitions
Current as of: 2023 | Check for updates
|
Other versions
As used in this chapter, unless the context indicates otherwise, the following terms have the following meanings. [PL 1985, c. 507, §1 (NEW).]
1. Accumulated contributions. “Accumulated contributions” means the sum of all the amounts credited to a member’s individual account, together with regular interest on the account.
[PL 1985, c. 507, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 3 Sec. 701
- Accumulated contributions: means the sum of all the amounts credited to a member's individual account, together with regular interest on the account. See Maine Revised Statutes Title 3 Sec. 701
- Actuarial equivalent: means an amount of equal value when computed at the discount rate contained in actuarial assumptions adopted by the board of trustees. See Maine Revised Statutes Title 3 Sec. 701
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Average final compensation: means the average annual rate of earnable compensation of a member during the 3 years of creditable service, not necessarily consecutive, in which the average annual rate of earnable compensation is highest or during the member's entire period of creditable service if the period is less than 3 years. See Maine Revised Statutes Title 3 Sec. 701
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means any person who receives or is designated to receive a benefit provided by this chapter. See Maine Revised Statutes Title 3 Sec. 701
- Board of trustees: means the board provided for in section 731. See Maine Revised Statutes Title 3 Sec. 701
- Child or children: means a person who has not attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
- Code: means the United States Internal Revenue Code of 1986, as amended. See Maine Revised Statutes Title 3 Sec. 701
- Contract: A legal written agreement that becomes binding when signed.
- Creditable service: means service rendered while a member of the former Maine Legislative Retirement System, the Legislative Retirement Program, the former Maine State Retirement System or the State and Teacher Retirement Program for which credit is allowed under section 802. See Maine Revised Statutes Title 3 Sec. 701
- Earnable compensation: means the actual compensation of a Legislator. See Maine Revised Statutes Title 3 Sec. 701
- Legislator: means a member of the Legislature who is actively serving as of December 3, 1986, or who is elected subsequent to December 2, 1986. See Maine Revised Statutes Title 3 Sec. 701
- Member: means a Legislator who is included in the membership of the Legislative Retirement Program, as provided in section 801. See Maine Revised Statutes Title 3 Sec. 701
- Regular interest: means interest at the rate which the Board of Trustees of the Maine Public Employees Retirement System sets from time to time, in accordance with Title 5, section 17156. See Maine Revised Statutes Title 3 Sec. 701
- Retirement: means the termination of membership service with a retirement allowance granted under this chapter. See Maine Revised Statutes Title 3 Sec. 701
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Actuarial equivalent. “Actuarial equivalent” means an amount of equal value when computed at the discount rate contained in actuarial assumptions adopted by the board of trustees.
[PL 2021, c. 548, §1 (AMD).]
3. Average final compensation. “Average final compensation” means the average annual rate of earnable compensation of a member during the 3 years of creditable service, not necessarily consecutive, in which the average annual rate of earnable compensation is highest or during the member’s entire period of creditable service if the period is less than 3 years.
[PL 1991, c. 580, §1 (AMD).]
4. Beneficiary. “Beneficiary” means any person who receives or is designated to receive a benefit provided by this chapter.
[PL 1985, c. 507, §1 (NEW).]
5. Board of trustees. “Board of trustees” means the board provided for in section 731.
[PL 1985, c. 507, §1 (NEW).]
6. Child or children.
[PL 1989, c. 133, §1 (RP).]
7. Consumer Price Index.
[PL 1989, c. 133, §1 (RP).]
8. Creditable service. “Creditable service” means service rendered while a member of the former Maine Legislative Retirement System, the Legislative Retirement Program, the former Maine State Retirement System or the State and Teacher Retirement Program for which credit is allowed under section 802.
[PL 2007, c. 491, §3 (AMD).]
9. Earnable compensation. “Earnable compensation” means the actual compensation of a Legislator. Any money paid by the State under an annuity contract for the future benefit of a Legislator is considered part of the Legislator’s earnable compensation. The earnable compensation of a member retired with a disability retirement allowance under section 853 is assumed, for the purposes of determining benefits under this chapter, to be continued after the Legislator’s date of termination of service at the same rate as received immediately prior to that time, subject to the same percentage adjustments, if any, that may apply to the amount of retirement allowance of the beneficiary under section 858.
[PL 2019, c. 475, §31 (AMD).]
10. Father.
[PL 1989, c. 133, §1 (RP).]
10-A. Internal Revenue Code. “Internal Revenue Code” or “Code” means the United States Internal Revenue Code of 1986, as amended.
[PL 2009, c. 474, §1 (NEW).]
11. Legislator. “Legislator” means a member of the Legislature who is actively serving as of December 3, 1986, or who is elected subsequent to December 2, 1986.
[PL 1985, c. 507, §1 (NEW).]
11-A. Medical provider.
[PL 2021, c. 277, §1 (RP).]
12. Member. “Member” means a Legislator who is included in the membership of the Legislative Retirement Program, as provided in section 801.
[PL 2007, c. 491, §4 (AMD).]
13. Mother.
[PL 1989, c. 133, §1 (RP).]
14. Parent.
[PL 1989, c. 133, §1 (RP).]
15. Regular interest. “Regular interest” means interest at the rate which the Board of Trustees of the Maine Public Employees Retirement System sets from time to time, in accordance with Title 5, section 17156.
[PL 1989, c. 133, §2 (AMD); PL 2007, c. 58, §3 (REV).]
16. Retirement. “Retirement” means the termination of membership service with a retirement allowance granted under this chapter.
[PL 1985, c. 507, §1 (NEW).]
17. Spouse.
[PL 1989, c. 133, §3 (RP).]
SECTION HISTORY
PL 1985, c. 507, §1 (NEW). PL 1989, c. 133, §§1-3 (AMD). PL 1991, c. 580, §1 (AMD). PL 2007, c. 58, §3 (REV). PL 2007, c. 491, §§3, 4 (AMD). PL 2009, c. 474, §1 (AMD). PL 2017, c. 88, §1 (AMD). PL 2019, c. 475, §31 (AMD). PL 2021, c. 277, §1 (AMD). PL 2021, c. 548, §1 (AMD).