Maine Revised Statutes Title 5 Sec. 18451-A – Qualification for benefits for members covered under chapter 427
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Qualification for service retirement benefits for a member covered under chapter 427 is governed by subsection 1 or 2, unless the requirements of a special plan, as established by the board by rule, have been met. [PL 2013, c. 391, §10 (NEW).]
1. Members prior to July 1, 2014. Qualification for a service retirement benefit for a member covered under chapter 427 who was a member of a plan provided under chapter 427 prior to July 1, 2014 is governed by section 18451.
[PL 2013, c. 391, §10 (NEW).]
Terms Used In Maine Revised Statutes Title 5 Sec. 18451-A
- 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
- Board: means the board of trustees, established under section 12004?F, subsection 9, to administer the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001
- 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
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Members after June 30, 2014. Qualification for a service retirement benefit for a member who is first covered under chapter 427 after June 30, 2014 is governed as follows.
A. A member who is in service when reaching 65 years of age, or is in service after reaching 65 years of age, qualifies for a service retirement benefit if the member:
(1) Retires upon or after reaching 65 years of age and has been in service for a minimum of one year immediately before retirement; or
(2) Has at least 5 years of creditable service, which, for the purposes of determining completion of the 5-year requirement, may include creditable service as a member of the Legislative Retirement Program. [PL 2013, c. 588, Pt. E, §4 (AMD).]
B. A member who is not in service when reaching 65 years of age qualifies for a service retirement benefit if the member:
(1) Retires upon or after reaching 65 years of age; and
(2) Has at least 5 years of creditable service, which, for the purposes of determining completion of the 5-year requirement, may include creditable service as a member of the Legislative Retirement Program. [PL 2013, c. 391, §10 (NEW).]
C. A member, whether or not in service at retirement, who has completed 25 or more years of creditable service qualifies for a service retirement benefit if the member retires at any time after completing 25 years of service, which may include, for the purpose of meeting eligibility requirements, creditable service as a member of the Legislative Retirement Program. [PL 2013, c. 391, §10 (NEW).]
[PL 2013, c. 588, Pt. E, §4 (AMD).]
SECTION HISTORY
PL 2013, c. 391, §10 (NEW). PL 2013, c. 588, Pt. E, §4 (AMD).