Maine Revised Statutes Title 5 Sec. 17805 – Remarriage after retirement
Current as of: 2023 | Check for updates
|
Other versions
If the recipient of a reduced service retirement benefit under section 17804, subsection 3, 4, 5?A or 5?B remarries after the recipient’s spouse dies the following provisions apply. [PL 2001, c. 118, §5 (AMD).]
1. Election of benefit for new spouse. The recipient may elect to have the reduced retirement benefit paid under the same option to the new spouse after the recipient’s death instead of continuing the original reduced retirement benefit to the recipient during his lifetime, under the following conditions:
A. The original spouse must have been the sole beneficiary of the reduced retirement benefit under section 17804, subsection 3, 4, 5?A or 5?B; and [PL 1999, c. 744, §10 (AMD); PL 1999, c. 744, §17 (AFF).]
B. [PL 1987, c. 612, §2 (RP).]
C. [PL 1987, c. 612, §3 (RP).]
D. The recipient must have been married to the new spouse for at least 6 months. [PL 1987, c. 612, §4 (NEW).]
[PL 1999, c. 744, §10 (AMD); PL 1999, c. 744, §17 (AFF).]
Terms Used In Maine Revised Statutes Title 5 Sec. 17805
- 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
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person or persons designated by a member to receive a benefit under this Part or a person otherwise entitled to receive a benefit under this Part. 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
- Chief executive officer: means the Chief Executive Officer of the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72
- 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
- Spouse: means the person currently legally married to a member. See Maine Revised Statutes Title 5 Sec. 17001
2. Time and manner of election. The recipient may make the election at any time after the death of the original spouse and remarriage to the new spouse by:
A. Sending a written request to the chief executive officer; and [PL 1985, c. 801, §§5, 7 (NEW); PL 2021, c. 548, §45 (REV).]
B. [PL 1987, c. 612, §5 (RP).]
C. Submitting evidence of the death of the former spouse and date of marriage to the new spouse. [PL 1987, c. 612, §5 (NEW).]
[PL 1987, c. 612, §5 (AMD); PL 2021, c. 548, §45 (REV).]
3. Amount of benefit. The amount of the benefit payable under the option elected shall be the actuarial equivalent, at the date of the beginning of payment of benefits under this section, of the amount of reduced retirement benefit the recipient has been receiving.
[PL 1985, c. 801, §§5, 7 (NEW).]
4. Effective date of coverage of the new spouse. The effective date of the designation of the new spouse as the recipient’s new beneficiary will be the date the request is received or 6 months after the date of remarriage, whichever comes later. The recipient’s retirement benefit shall be adjusted on the first day of the month following the effective date of the new designation of beneficiary.
[PL 1987, c. 612, §6 (NEW).]
SECTION HISTORY
PL 1985, c. 801, §§5,7 (NEW). PL 1987, c. 612, §§1-6 (AMD). PL 1999, c. 744, §10 (AMD). PL 1999, c. 744, §17 (AFF). PL 2001, c. 118, §5 (AMD). PL 2021, c. 548, §45 (REV).