Maine Revised Statutes Title 5 Sec. 17153 – Board of trustees
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1. Actuarially sound basis.
[PL 1987, c. 193, §1 (RP).]
Terms Used In Maine Revised Statutes Title 5 Sec. 17153
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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
- Employee: means :
A. See Maine Revised Statutes Title 5 Sec. 17001Fiscal 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. Local district: means :
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 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.
1-A. Actuarially sound basis. The board shall calculate the funds necessary to maintain all programs of the retirement system on an actuarially sound basis, including the unfunded liability arising from payment of benefits for which contributions were not received and shall transmit those calculations to the State Budget Officer as required by chapter 149.
A. For benefits applicable to state employees, teachers or participating local district employees that are established through collective bargaining, the board shall apply the funding methods and assumptions adopted by the board pursuant to this subsection. [PL 1987, c. 193, §2 (NEW).]
B. The Legislature shall appropriate and transfer annually those funds the board determines to be necessary under this subsection to maintain the programs of the retirement system on an actuarially sound basis, except that for fiscal year 1991-92 the annual appropriation must be $73,500,000 less than the amount that would otherwise be applied toward the repayment of the unfunded liability of the State Employee and Teacher Retirement Program. [PL 2007, c. 491, §84 (AMD).]
C. This subsection may not be construed to require the State to appropriate and transfer funds to meet the obligations of participating local districts to the retirement system. [PL 1987, c. 193, §2 (NEW).]
[PL 2007, c. 491, §84 (AMD).]
2. Trustee of funds. The members of the board shall be the trustees of the several funds created by this Part.
[PL 1985, c. 801, §§5, 7 (NEW).]
3. Investment of funds. The board may cause the funds created by this Part to be invested and reinvested in accordance with the standards defined in Title 18?B, sections 802 to 807 and chapter 9, subject to periodic approval of the investment program by the board.
[PL 2003, c. 618, Pt. B, §2 (AMD); PL 2003, c. 618, Pt. B, §20 (AFF).]
4. Prohibitions. In addition to the limitations of section 18 and except as otherwise provided, no trustee and no employee of the board of trustees may:
A. Have any direct interest in the gains or profits of any investment made by the board; [PL 1985, c. 801, §§5, 7 (NEW).]
B. Directly or indirectly, for himself or as an agent, in any manner, use the gains or profits of any investment made by the board except to make whatever current and necessary payments are authorized by the board; or [PL 1985, c. 801, §§5, 7 (NEW).]
C. Become an endorser, surety or obligor for money loaned to or borrowed from the board. [PL 1985, c. 801, §§5, 7 (NEW).]
[PL 1985, c. 801, §§5, 7 (NEW).]
SECTION HISTORY
PL 1985, c. 801, §§5,7 (NEW). PL 1987, c. 193, §§1,2 (AMD). PL 1991, c. 528, §P2 (AMD). PL 1991, c. 528, §RRR (AFF). PL 1991, c. 591, §P2 (AMD). PL 2003, c. 618, §B2 (AMD). PL 2003, c. 618, §B20 (AFF). PL 2007, c. 491, §84 (AMD).