Maine Revised Statutes Title 3 Sec. 702 – Name, establishment and purpose
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Terms Used In Maine Revised Statutes Title 3 Sec. 702
- Code: means the United States Internal Revenue Code of 1986, as amended. See Maine Revised Statutes Title 3 Sec. 701
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
There is established the Legislative Retirement Program as a governmental qualified defined benefit plan pursuant to Sections 401(a) and 414(d) of the Internal Revenue Code and such other provisions of the Internal Revenue Code and United States Treasury regulations and other guidance as are applicable, which has the powers and privileges of a corporation. [PL 2009, c. 474, §2 (AMD).]
The purpose of the Legislative Retirement Program is to provide retirement allowances and other benefits under this chapter for Legislators. [PL 2007, c. 491, §5 (AMD).]
SECTION HISTORY
PL 1985, c. 507, §1 (NEW). PL 2007, c. 491, §5 (AMD). PL 2009, c. 474, §2 (AMD).