Maine Revised Statutes Title 5 Sec. 178 – Maine Retirement Savings Program Enterprise Fund
Current as of: 2023 | Check for updates
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1. Fund established. The Maine Retirement Savings Program Enterprise Fund is established as an enterprise fund. The board shall use funds deposited in the enterprise fund in accordance with this section. The enterprise fund may receive grants, gifts, donations, appropriations, loans or other funds designated for administrative expenses or otherwise transferred to the enterprise fund from or deposited in the enterprise fund by the State or a unit of federal, state or local government or any other person, firm, partnership or corporation, including appropriations to the enterprise fund by the Legislature and funds from the payment of application, account, administrative or other fees and the payment of other funds due the board. Interest or other investment earnings or returns that are attributable to funds in the enterprise fund must be deposited into or retained in the enterprise fund. The enterprise fund may not lapse but must be carried forward to carry out the purposes of this chapter.
[PL 2023, c. 167, §11 (AMD).]
Terms Used In Maine Revised Statutes Title 5 Sec. 178
- 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
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Maine Retirement Savings Board under section 172. See Maine Revised Statutes Title 5 Sec. 171
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Enterprise fund: means the Maine Retirement Savings Program Enterprise Fund established in section 178. See Maine Revised Statutes Title 5 Sec. 171
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Program: means the Maine Retirement Savings Program established in accordance with this chapter. See Maine Revised Statutes Title 5 Sec. 171
- Retirement system: means the Maine Public Employees Retirement System established in section 17101. See Maine Revised Statutes Title 5 Sec. 171
2. Borrowing. To enable or facilitate the start-up and continuing operation, maintenance, administration and management of the program until the program accumulates sufficient balances and can generate sufficient funding through fees assessed on program accounts for the program to become financially self-sustaining, the board may borrow from the State, any unit of federal, state or local government or any other person, firm, partnership or corporation working capital funds and other funds as may be necessary for this purpose, as long as such funds are borrowed in the name of the program and board only and that any such borrowing is repaid solely from the revenues of the program. The board may not borrow from the retirement system for any purpose. The board may enter into long-term procurement contracts with one or more financial or service providers that provide a fee structure that would assist the program in avoiding or minimizing the need to borrow or to rely upon general assets of the State.
[PL 2021, c. 356, §1 (NEW).]
3. Administrative costs. Subject to appropriation by the Legislature, the State may pay administrative costs associated with the creation, maintenance, operation and management of the program and provide funding for the program until sufficient assets are available in the enterprise fund for that purpose. Thereafter, all administrative costs of the enterprise fund must be repaid only out of money on deposit in the enterprise fund. However, private funds or federal funding received in order to implement the program until the enterprise fund is self-sustaining may not be repaid unless those funds were offered contingent upon the promise of such repayment.
[PL 2023, c. 167, §12 (AMD).]
4. Use of enterprise fund. The board shall use the money in the enterprise fund solely to pay the administrative costs and expenses of the program and the administrative costs and expenses the board incurs in the performance of its duties under this chapter.
[PL 2021, c. 356, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 356, §1 (NEW). PL 2023, c. 167, §§11, 12 (AMD).