Maine Revised Statutes Title 5 Sec. 18403 – Election of methods of payment
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1. Definition. As used in this article, unless the context otherwise indicates, the term “qualifying member” means:
A. A member; or [PL 1985, c. 801, §§ 5, 7 (NEW).]
B. A former member who is receiving a disability retirement benefit. [PL 1985, c. 801, §§ 5, 7 (NEW).]
[PL 1985, c. 801, §§ 5, 7 (NEW).]
Terms Used In Maine Revised Statutes Title 5 Sec. 18403
- 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
- 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
- qualifying member: means :
A. See Maine Revised Statutes Title 5 Sec. 18403Retirement: 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
2. Election. In order to receive a benefit, a qualifying member must elect to have his service retirement benefit payable under any of the methods in section 18404.
[PL 1985, c. 801, §§ 5, 7 (NEW).]
3. Time and manner of election. A qualifying member must elect a method of payment before the beginning of payment of a service retirement benefit. This election must be by written notice to the chief executive officer stating the date on which he desires to retire.
[PL 1987, c. 256, §30 (AMD); PL 2021, c. 548, §45 (REV).]
4. Change of election. A qualifying member may revoke his election of benefits and may elect another method of payment by giving written notice to the chief executive officer at any time before the first payment of the service retirement benefit.
[PL 1985, c. 801, §§ 5, 7 (NEW); PL 2021, c. 548, §45 (REV).]
SECTION HISTORY
PL 1985, c. 801, §§5,7 (NEW). PL 1987, c. 256, §30 (AMD). PL 2021, c. 548, §45 (REV).