Maine Revised Statutes Title 4 Sec. 1360 – Remarriage after retirement
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If a retiree who is the recipient of a reduced regular retirement allowance under section 1357, subsection 2, paragraph B, C, D or E remarries after the retiree’s spouse dies, the following provisions apply. [PL 1999, c. 744, §3 (AMD); PL 1999, c. 744, §17 (AFF).]
1. Election of benefit for new spouse. The retiree may elect to have the reduced retirement benefit paid under the same option to the new spouse after the retiree’s death instead of continuing the original reduced retirement allowance to the retiree during the retiree’s lifetime, under the following conditions:
A. The original spouse must have been the sole beneficiary of the reduced retirement allowance under section 1357, subsection 2, paragraph B, C, D or E; and [PL 1999, c. 744, §4 (AMD); PL 1999, c. 744, §17 (AFF).]
B. The retiree must have been married to the new spouse for at least 6 months. [PL 1989, c. 133, §35 (NEW).]
[PL 1999, c. 744, §4 (AMD); PL 1999, c. 744, §17 (AFF).]
Terms Used In Maine Revised Statutes Title 4 Sec. 1360
- 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 4 Sec. 1201
- 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 4 Sec. 1201
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72
- Retirement: means the termination of membership service with a retirement allowance granted under this chapter. See Maine Revised Statutes Title 4 Sec. 1201
- Spouse: means the person currently legally married to a member. See Maine Revised Statutes Title 4 Sec. 1201
2. Time and manner of election. The retiree may make the election at any time after the death of the original spouse and remarriage to the new spouse by:
A. Sending a written request to the executive director; and [PL 1989, c. 133, §35 (NEW).]
B. Submitting evidence of the death of the former spouse and date of marriage to the new spouse. [PL 1989, c. 133, §35 (NEW).]
[PL 1989, c. 133, §35 (NEW).]
3. Amount of benefit. The amount of the benefit payable under the option elected shall be the actuarial equivalent, at the date of the beginning of payment of benefits under this section, of the amount of reduced retirement allowance the retiree has been receiving.
[PL 1989, c. 133, §35 (NEW).]
4. Effective date of coverage of new spouse. The effective date of the designation of the new spouse as the retiree’s new beneficiary shall be the date the request is received or 6 months after the date of remarriage, whichever comes later. The retiree’s retirement allowance shall be adjusted on the first day of the month following the effective date of the new designation of beneficiary.
[PL 1989, c. 133, §35 (NEW).]
SECTION HISTORY
PL 1989, c. 133, §35 (NEW). PL 1999, c. 744, §§3,4 (AMD). PL 1999, c. 744, §17 (AFF).