Maine Revised Statutes Title 5 Sec. 17158 – Full funding
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Terms Used In Maine Revised Statutes Title 5 Sec. 17158
- 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. 17001Pick-up contributions: means member contributions to the retirement system which are assumed and paid by the employer through a reduction of members' salaries for services rendered, in accordance with the United States Internal Revenue Code, Section 414(h), in lieu of employee contributions. 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
Upon full funding of the accrued unfunded reserves of any program of the Maine Public Employees Retirement System, the board of trustees may reduce employer contributions to the level required to maintain proper funding of earned benefits. The board of trustees may also seek legislative action to reduce employee contributions or pick-up contributions established by this Part. [PL 2007, c. 491, §86 (AMD).]
SECTION HISTORY
PL 1985, c. 801, §§5,7 (NEW). PL 1987, c. 739, §§6,48 (AMD). PL 2007, c. 58, §3 (REV). PL 2007, c. 491, §86 (AMD).