Maine Revised Statutes Title 5 Sec. 18452 – Computation of benefit
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1. Member in service. The total amount of the service retirement benefit for members qualified under section 18451, subsection 1, equals:
A. 1/50 of the member’s average final compensation multiplied by the number of years of his membership service; and [PL 1985, c. 801, §§5, 7 (NEW).]
B. If the member has prior service, 1/50 of his average final compensation multiplied by the number of years of prior service provided, that the number of years of prior service used in this computation may not exceed 25 years unless the participating local district has made the election provided under section 18352, subsection 2. [PL 1985, c. 801, §§5, 7 (NEW).]
[PL 1985, c. 801, §§5, 7 (NEW).]
Terms Used In Maine Revised Statutes Title 5 Sec. 18452
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Average final compensation: means :
A. See Maine Revised Statutes Title 5 Sec. 17001Benefit: 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 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 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 Membership service: means service rendered while a member of a retirement program of the retirement system on account of which contributions are made and for which credit is allowable under chapter 423, subchapter 4 or chapter 425, subchapter 4. See Maine Revised Statutes Title 5 Sec. 17001 Prior service: means service rendered before the date of establishment of the retirement system as set forth in section 17101. 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
2. Member not in service. The amount of the service retirement benefit for members qualified under section 18451, subsection 2, shall be computed in accordance with subsection 1.
[PL 1985, c. 801, §§5, 7 (NEW).]
3. Member with creditable service of 25 years or more. The amount of the service retirement benefit for members qualified under section 18451, subsection 3 is computed in accordance with subsection 1, except that:
A. The amount arrived at under subsection 1 is reduced by applying to that amount the percentage that a life annuity due at 60 years of age bears to the life annuity due at the age of retirement. [PL 2013, c. 391, §11 (AMD).]
B. For the purpose of making the computation under paragraph A, the board-approved tables of annuities in effect at the date of the member’s retirement is used. [PL 2013, c. 391, §11 (AMD).]
The amount of the service retirement benefit for members qualified under section 18451?A is computed in accordance with subsection 1, except that any benefit reduction for retiring prior to 60 years of age for members qualified under section 18451?A, subsection 1 or prior to 65 years of age for members qualified under section 18451-A, subsection 2 must be contained in the plan provisions adopted by rule pursuant to section 18801 that provide for the payment of the full actuarial cost of retiring prior to 60 years of age or 65 years of age as applicable.
[PL 2017, c. 392, §8 (AMD).]
SECTION HISTORY
PL 1985, c. 801, §§5,7 (NEW). PL 2013, c. 391, §11 (AMD). PL 2017, c. 392, §8 (AMD).