1. Amount. The service retirement allowance of a member shall be determined under this chapter in effect on the member’s date of final termination of service. Subject to the minimum benefit provided for in paragraph B, the total amount of the retirement allowance of a member retired in accordance with section 851 shall be equal to:
A. One-fiftieth of the member’s average final compensation multiplied by the number of years of creditable service allowed under section 802; and [PL 1985, c. 507, §1 (NEW).]
B. Any member who has 10 or more years of creditable service at retirement shall be entitled to a minimum of $100 per month. [PL 1985, c. 507, §1 (NEW).]

[PL 1985, c. 507, §1 (NEW).]

SECTION HISTORY

PL 1985, c. 507, §1 (NEW).

Terms Used In Maine Revised Statutes Title 3 Sec. 852

  • Average final compensation: means the average annual rate of earnable compensation of a member during the 3 years of creditable service, not necessarily consecutive, in which the average annual rate of earnable compensation is highest or during the member's entire period of creditable service if the period is less than 3 years. See Maine Revised Statutes Title 3 Sec. 701
  • Creditable service: means service rendered while a member of the former Maine Legislative Retirement System, the Legislative Retirement Program, the former Maine State Retirement System or the State and Teacher Retirement Program for which credit is allowed under section 802. See Maine Revised Statutes Title 3 Sec. 701
  • Member: means a Legislator who is included in the membership of the Legislative Retirement Program, as provided in section 801. See Maine Revised Statutes Title 3 Sec. 701
  • Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72
  • Retirement: means the termination of membership service with a retirement allowance granted under this chapter. See Maine Revised Statutes Title 3 Sec. 701
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