Maine Revised Statutes Title 5 Sec. 17756 – Unused accrued or accumulated sick leave or unused vacation leave
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1. Service credit. Unused accumulated or accrued sick leave, unused vacation leave, or a combination of both, for which a member is credited on termination of service, but for which the member does not receive payment, qualifies for service credit.
[PL 1985, c. 801, §§ 5, 7 (NEW).]
Terms Used In Maine Revised Statutes Title 5 Sec. 17756
- 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
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Creditable service: means a person's membership service, the person's prior service and service for which credit is allowable under sections 17755 and 17756; section 17760, subsection 3; section 18258; sections 18355 and 18356; and section 18360, subsection 2. 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
- Retirement: means termination of membership with a retirement allowance granted under this chapter. See Maine Revised Statutes Title 5 Sec. 17001
- Retirement benefit: means the same as retirement allowance. See Maine Revised Statutes Title 5 Sec. 17001
- Service: means service as an employee for which compensation was paid. See Maine Revised Statutes Title 5 Sec. 17001
- Service credit: means credit received for creditable service as defined under subsection 10. See Maine Revised Statutes Title 5 Sec. 17001
2. Limitation. Leave qualifying for service credit under subsection 1 may not exceed a total of 90 days, except as provided in subsection 3.
[PL 1985, c. 801, §§ 5, 7 (NEW).]
3. Exceptions. Leave beyond 90 days may qualify for service credit, up to the maximum number of days of leave, set by personnel rules or by contract, that a person is allowed to accumulate, if:
A. For state employees, the member, before any retirement benefit becomes effective for him, pays into the Members’ Contribution Fund, a single payment which is the actuarial equivalent, at the effective date of the member’s retirement benefit, of the portion of his retirement benefit based on the additional creditable service beyond 90 days; and [PL 1985, c. 801, §§ 5, 7 (NEW).]
B. For teachers, the member or the school administrative unit employing the member pays into the Members’ Contribution Fund by a single payment the actuarial equivalent, at the effective date of the member’s retirement benefit, of the portion of his retirement benefit based on the additional creditable service beyond 90 days. The member and the school administrative unit may determine by contract the portion to be deposited by each to obtain this additional creditable service. [PL 1985, c. 801, §§ 5, 7 (NEW).]
[PL 1985, c. 801, §§ 5, 7 (NEW).]
SECTION HISTORY
PL 1985, c. 801, §§5,7 (NEW).