Maine Revised Statutes Title 5 Sec. 17060 – Life annuity or lump-sum payment in lieu of benefits awarded by qualified domestic relations order
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1. Annuity or lump sum. The board may by rule provide that, in lieu of paying an alternate payee the interest awarded by a qualified domestic relations order, the retirement system may pay the alternate payee an amount that is the actuarial equivalent of that interest in the form of:
A. An annuity payable in equal monthly installments for the life of the alternate payee; or [PL 1991, c. 746, §9 (NEW); PL 1991, c. 746, §10 (AFF).]
B. A lump sum. [PL 1991, c. 746, §9 (NEW); PL 1991, c. 746, §10 (AFF).]
[PL 1991, c. 746, §9 (NEW); PL 1991, c. 746, §10 (AFF).]
Terms Used In Maine Revised Statutes Title 5 Sec. 17060
- 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
- Alternate payee: means a spouse, former spouse, child or other dependent of a member or retiree who is recognized by a domestic relations order as having a right to receive all or a portion of the benefits payable by the retirement system with respect to that member or retiree. See Maine Revised Statutes Title 5 Sec. 17001
- 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.
- 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 a person or persons designated by a member to receive a benefit under this Part or a person otherwise entitled to receive a benefit under this Part. 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
- Board: means the board of trustees, established under section 12004?F, subsection 9, to administer the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001
- Domestic relations order: means a judgment, decree or order, including approval of a property settlement agreement, that:
A. See Maine Revised Statutes Title 5 Sec. 17001Member: 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 Qualified domestic relations order: means a domestic relations order that:
A. See Maine Revised Statutes Title 5 Sec. 17001Retirement: means termination of membership with a retirement allowance granted under this chapter. 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
2. Determination by retirement system. The determination of whether to pay an amount authorized by this section in lieu of the interest awarded by the qualified domestic relations order is within the exclusive discretion of the retirement system.
[PL 1991, c. 746, §9 (NEW); PL 1991, c. 746, §10 (AFF).]
3. Reduced payment to member, retiree or beneficiary. If the retirement system elects to pay the alternate payee pursuant to this section, the benefit payable by the retirement system to the member, retiree or beneficiary must be reduced by the interest in the benefit awarded to the alternate payee by the qualified domestic relations order.
[PL 1991, c. 746, §9 (NEW); PL 1991, c. 746, §10 (AFF).]
4. Reliance on designation or selection. If the retirement system pays the alternate payee pursuant to this section, the retirement system is entitled to rely on a beneficiary designation or benefit option selection made or changed pursuant to its plan without regard to any domestic relations order.
[PL 1991, c. 746, §9 (NEW); PL 1991, c. 746, §10 (AFF).]
SECTION HISTORY
PL 1991, c. 746, §9 (NEW). PL 1991, c. 746, §10 (AFF).