1. Composition. The Board of Trustees of the Maine Public Employees Retirement System, established by section 12004?F, subsection 9, is composed of 8 trustees, as follows:
A. The Treasurer of State or the Deputy Treasurer of State; [PL 1997, c. 625, §1 (AMD).]
B. A person who is a member of the State Employee and Teacher Retirement Program of the retirement system through employment as a teacher and who is duly elected by the Maine Education Association; [PL 2007, c. 491, §73 (AMD).]
C. A person who is a member of the State Employee and Teacher Retirement Program of the retirement system through employment as a state employee and who is duly elected by the Maine State Employees’ Association; [PL 2007, c. 491, §74 (AMD).]
D. Four persons appointed by the Governor and subject to review by the joint standing committee of the Legislature having jurisdiction over retirement matters and to confirmation by the Legislature:

(1) At least 2 of whom must be qualified through training or experience in the field of investments, accounting, banking or insurance or as actuaries;
(2) One of whom must be selected from a list of 3 nominees submitted by the Maine Retired Teachers’ Association; and
(3) One of whom must be the recipient of a retirement allowance through the retirement system and be selected from a list or lists of nominees submitted by retired state employees, retired participating local district employees, the Maine Association of Retirees or a committee composed of representatives of these groups; and [PL 2021, c. 548, §9 (AMD).]
E. A person who is a member or retired member of the Participating Local District Retirement Program of the retirement system through a participating local district and who is appointed by the governing body of the Maine Municipal Association. [PL 2017, c. 88, §10 (AMD).]
F. [PL 1987, c. 715, §5 (RP).]
The names of proposed trustees elected or appointed under paragraph B, C or E must be submitted to the Legislature by the Governor and are subject to review by the joint standing committee of the Legislature having jurisdiction over retirement matters and to confirmation by the Legislature. A member who is elected or appointed may serve in the position of trustee from the date of election or appointment unless the Legislature rejects the confirmation.
Each trustee subject to paragraphs B to E must have a working knowledge of retirement policy and legal issues and a general knowledge and understanding of banking, finance and investment practices.

[RR 2021, c. 2, Pt. A, §9 (COR).]

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Terms Used In Maine Revised Statutes Title 5 Sec. 17102

A. See Maine Revised Statutes Title 5 Sec. 17001
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Local district: means :
    • A. 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
  • Oath: A promise to tell the truth.
  • Oath: includes an affirmation, when affirmation is allowed. See Maine Revised Statutes Title 1 Sec. 72
  • Participating local district: means a local district that has approved the participation of its employees in the Participating Local District Retirement Program of the retirement system under section 18201. See Maine Revised Statutes Title 5 Sec. 17001
  • Quorum: The number of legislators that must be present to do business.
  • Retirement: means termination of membership with a retirement allowance granted under this chapter. See Maine Revised Statutes Title 5 Sec. 17001
  • Retirement allowance: means the retirement payments to which a member is or may be entitled as provided in this Part. 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
  • State employee: means any regular classified or unclassified officer or employee in a department, any employee of the Maine Community College System except those who make the election provided under Title 20?A, section 12722, any employee of the Maine Educational Center for the Deaf and Hard of Hearing and the Governor Baxter School for the Deaf except as provided in Title 20?A, section 7407, subsection 3?A, any employee of the Maine Military Authority, any employee of the Northern New England Passenger Rail Authority, any employee of the Maine Port Authority, any employee of the Efficiency Maine Trust who on June 30, 2009 is an employee of the Public Utilities Commission energy efficiency or renewable energy programs who elects to remain a state employee, any employee of the Efficiency Maine Trust who accepts employment with the Efficiency Maine Trust prior to July 1, 2010 who was a state employee immediately prior to accepting such employment who elects to remain a state employee and any employee transferred from the Division of Higher Education Services to the Finance Authority of Maine who elects to be treated as a state employee, but does not include:
    • A. See Maine Revised Statutes Title 5 Sec. 17001
  • Teacher: includes a person who is on a one-year leave of absence from a position as a teacher and is participating in the education of prospective teachers by teaching and supervising students enrolled in college-level teacher preparation programs in this State. See Maine Revised Statutes Title 5 Sec. 17001
  • Trustee: A person or institution holding and administering property in trust.
  • Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
    • 1-A. Retirement system employees ineligible. The chief executive officer and the employees of the retirement system may not serve on the board of trustees.

    [PL 1989, c. 483, Pt. A, §25 (NEW); PL 2021, c. 548, §45 (REV).]

    2. Chairman. The board shall elect from its membership a chairman.

    [PL 1985, c. 801, §§5, 7 (NEW).]

    3. Term. The terms of the trustees shall be determined as follows.
    A. Each trustee, except the Treasurer of State, shall serve a term of 3 years. [PL 1985, c. 801, §§5, 7 (NEW).]
    B. A trustee shall continue to serve after the expiration of his term until a successor is appointed and qualified, but the trustee’s continuation as a trustee does not change the expiration date of the trustee’s term. [PL 1985, c. 801, §§5, 7 (NEW).]
    C. The term of a trustee appointed to succeed a trustee whose term has expired shall begin on the day after the expiration date of the 3-year term of the previous trustee, regardless of the effective date of the new appointment. [PL 1985, c. 801, §§5, 7 (NEW).]
    D. Appointments to any vacancy caused by death, resignation or ineligibility shall be for the unexpired portion of the term. [PL 1985, c. 801, §§5, 7 (NEW).]

    [PL 1985, c. 801, §§5, 7 (NEW).]

    4. Oath. Each trustee shall, within 30 days after the trustee’s appointment, take an oath of office to faithfully discharge the duties of a trustee, in the form prescribed by the Constitution of Maine.
    A. The oath must be subscribed to by the trustee making it. [PL 2001, c. 181, §4 (AMD).]
    B. The oath must be certified by the officer before whom it was taken and immediately filed in the office of the Secretary of State. [PL 2001, c. 181, §4 (AMD).]

    [PL 2001, c. 181, §4 (AMD).]

    5. Transaction of business. The transaction of business by the board is governed as follows.
    A. Five trustees constitute a quorum for the transaction of any business. [PL 1997, c. 625, §2 (AMD).]
    B. Each trustee is entitled to one vote. [PL 1997, c. 625, §2 (AMD).]
    C. Five votes are necessary for any resolution or action by the board at any meeting of the board. [PL 1997, c. 625, §2 (AMD).]

    [PL 1997, c. 625, §2 (AMD).]

    6. Compensation. The trustees shall be compensated, as provided in chapter 379, from the funds of the retirement system. For the purposes of this subsection, “administrative leave” means an excused absence from work during the employee’s normal work schedule for which the employee does not receive a reduction in compensation, except that it does not include the use of earned vacation time specified by the employment contract; “public employee trustee” means a trustee selected or elected according to subsection 1, paragraph B, C or E, or an employee as that term is defined by section 17001, subsection 14. Notwithstanding section 12004?F, subsection 9, certain trustees shall be compensated as follows. The employer of a public employee trustee shall grant administrative leave at the request of that trustee in order for that trustee to attend an activity compensable under section 12002?B. If administrative leave is granted to the trustee, then the trustee shall not receive per diem authorized under chapter 379 and an amount equal to the legislative per diem which would otherwise be paid from the funds of the retirement system to the trustee shall be paid directly to that person’s employer, unless the employer is the State.

    [PL 1989, c. 483, Pt. A, §26 (RPR).]

    7. Expenses. All administrative costs and expenses attributable to the administrative operating budget of the retirement system must be charged against the assets of the applicable fund.

    [PL 2015, c. 385, §3 (RPR).]

    8. Legal advisor. The Attorney General or an assistant designated by the Attorney General shall be legal advisor to the board.

    [PL 1985, c. 801, §§5, 7 (NEW).]

    9. Record. The board shall keep a record of all its proceedings, which:
    A. Shall comply with the requirements of section 8056, subsection 5 and sections 9059 and 9061, to the extent those laws are applicable; and [PL 1985, c. 801, §§5, 7 (NEW).]
    B. Shall be open to public inspection. [PL 1985, c. 801, §§5, 7 (NEW).]

    [PL 1985, c. 801, §§5, 7 (NEW).]

    10. Reports. The board shall publish annually for each fiscal year:
    A. A report showing the fiscal transactions of the retirement system for the fiscal year and the assets and liabilities of each of the programs of the retirement system at the end of the fiscal year; and [PL 2007, c. 491, §76 (AMD).]
    B. The actuary‘s report on the actuarial valuation of the financial condition of each of the programs of the retirement system for the fiscal year. [PL 2007, c. 491, §76 (AMD).]

    [PL 2007, c. 491, §76 (AMD).]

    SECTION HISTORY

    PL 1985, c. 801, §§5,7 (NEW). PL 1987, c. 256, §4 (AMD). PL 1987, c. 715, §§4,5 (AMD). PL 1989, c. 483, §§A25,A26 (AMD). PL 1989, c. 503, §B33 (AMD). P&SL 1993, c. 67, §1 (AMD). PL 1993, c. 410, §L17 (AMD). PL 1995, c. 3, §1 (AMD). PL 1997, c. 625, §1 (AMD). PL 1997, c. 625, §2 (AMD). PL 2001, c. 181, §4 (AMD). PL 2007, c. 58, §3 (REV). PL 2007, c. 240, Pt. U, §5 (AMD). PL 2007, c. 491, §§73-76 (AMD). PL 2015, c. 385, §3 (AMD). PL 2017, c. 88, §10 (AMD). PL 2021, c. 548, §9 (AMD). PL 2021, c. 548, §45 (REV). RR 2021, c. 2, Pt. A, §9 (COR).
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