Maine Revised Statutes Title 5 Sec. 18454 – Spouse option; no reduction
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A participating local district may, by filing with the board a duly certified copy of its action, provide for all of its employees, in lieu of the benefit provided by section 18404, subsection 1, a benefit in accordance with the following terms and conditions. [PL 1989, c. 78, §7 (RPR).]
1. Limitation on beneficiary. Beneficiaries eligible to receive the benefit under this section are limited to a surviving spouse or a dependent child or children.
A. [PL 1989, c. 78, §7 (RP).]
B. [PL 1989, c. 78, §7 (RP).]
C. [PL 1989, c. 78, §7 (RP).]
[PL 1989, c. 78, §7 (RPR).]
Terms Used In Maine Revised Statutes Title 5 Sec. 18454
- 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
- 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
- Chief executive officer: means the Chief Executive Officer of the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001
- Child: means any natural or legally adopted, born or unborn, progeny of a member. See Maine Revised Statutes Title 5 Sec. 17001
- Child or children: means a person who has not attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
- Dependent: A person dependent for support upon another.
- Dependent child: means :
A. See Maine Revised Statutes Title 5 Sec. 17001Local district: means :
A. See Maine Revised Statutes Title 5 Sec. 17001Retirement: means termination of membership with a retirement allowance granted under this chapter. 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 Surviving spouse: means the spouse alive at the time of the death of the member or former member. See Maine Revised Statutes Title 5 Sec. 17001
2. Payment to retiree. A retirement benefit based upon section 18404, subsection 1, shall be paid to the retiree during the retiree’s lifetime. Upon the death of the retiree, 1/2 of the amount being paid to the retiree shall be paid to the beneficiary the retiree has nominated by written designation duly acknowledged and filed with the chief executive officer at the time of retirement, if the beneficiary survives the retiree.
[PL 1989, c. 78, §7 (RPR); PL 2021, c. 548, §45 (REV).]
3. Surviving spouse. If the designated beneficiary is a surviving spouse, the benefit shall continue during the lifetime of the beneficiary.
[PL 1989, c. 78, §7 (RPR).]
4. Dependent child or children. If the designated beneficiary is a dependent child or dependent children, the benefit shall be paid to the dependent child, or if 2 or more dependent children are designated beneficiaries, the benefit shall be divided equally among them. When a dependent child ceases to meet the definition of dependent child, the benefit shall be divided among the remaining dependent children or paid to the remaining dependent child. Payment of the benefit shall continue until the remaining dependent child dies or ceases to meet the definition of “dependent child” under section 17001, subsection 12.
[PL 1989, c. 78, §7 (NEW).]
SECTION HISTORY
PL 1985, c. 801, §§5,7 (NEW). PL 1989, c. 78, §7 (RPR). PL 2021, c. 548, §45 (REV).