Maine Revised Statutes Title 5 Sec. 18356 – Unused accrued or accumulated sick leave or unused vacation leave
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1. Election. A participating local district may elect to provide service credit for unused accrued or accumulated sick leave or 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.
[PL 1985, c. 801, §§ 5, 7 (NEW).]
Terms Used In Maine Revised Statutes Title 5 Sec. 18356
- 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.
- Local district: means :
A. See Maine Revised Statutes Title 5 Sec. 17001Member: 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 Participating local district: means a local district that has approved the participation of its employees in the Participating Local District Retirement Program of the retirement system under section 18201. 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 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 as 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 the participating local district pays into the Participating Local District Retirement Program the actuarial equivalent of the benefit.
[PL 2007, c. 491, §227 (AMD).]
4. Treatment of members of the Participating Local District Consolidated Retirement Plan covered by chapter 427. Notwithstanding the provisions of this section, for members of the Participating Local District Consolidated Retirement Plan, the plan provisions adopted by rule pursuant to section 18801 govern any service credit for unused accrued or accumulated sick leave or unused vacation leave.
[PL 2017, c. 392, §5 (NEW).]
SECTION HISTORY
PL 1985, c. 801, §§5,7 (NEW). PL 2007, c. 491, §227 (AMD). PL 2017, c. 392, §5 (AMD).