Maine Revised Statutes Title 5 Sec. 17157 – Interest and dividend credits
Current as of: 2023 | Check for updates
|
Other versions
All interest and dividends earned on the funds of the retirement system shall be credited to the Retirement Allowance Fund. [PL 1985, c. 801, §§ 5, 7 (NEW).]
1. Transfer to Members’ Contribution Fund. The board shall periodically allow regular interest on the individual accounts of members in the Members’ Contribution Fund and shall transfer those amounts from the Retirement Allowance Fund to the Members’ Contribution Fund.
[PL 1989, c. 95, §2 (AMD).]
Terms Used In Maine Revised Statutes Title 5 Sec. 17157
- 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
- Regular interest: means interest at the rate set from time to time by the board in accordance with section 17156. See Maine Revised Statutes Title 5 Sec. 17001
- 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
2. Transfer to Survivors’ Benefit Fund.
[PL 2007, c. 249, §18 (RP).]
SECTION HISTORY
PL 1985, c. 801, §§5,7 (NEW). PL 1989, c. 95, §2 (AMD). PL 2007, c. 249, §18 (AMD).