Maine Revised Statutes Title 5 Sec. 17204 – Contributions on member’s own account
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Any member in service may make contributions on his own account, in addition to the employee contributions required under this Part, to the Members’ Contribution Fund, at a rate not in excess of 10% of earnable compensation for the purpose of increasing the amount of payment of the member’s retirement allowance under any service retirement provision of this Part. [PL 1985, c. 801, §§ 5, 7 (NEW).]
1. Rules. The board shall adopt rules governing this right of members to make additional contributions.
[PL 1985, c. 801, §§ 5, 7 (NEW).]
Terms Used In Maine Revised Statutes Title 5 Sec. 17204
- 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
- Earnable compensation: includes : (1) Workers' compensation benefits;(2) Maintenance, if any;(3) Any money paid by an employer to a 3rd party under a tax sheltered annuity contract or a deferred compensation plan for the future benefit of an employee provided that the money is not derived from amounts excluded from earnable compensation by paragraph B; andA. 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
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- Retirement: means termination of membership with a retirement allowance granted under this chapter. See Maine Revised Statutes Title 5 Sec. 17001
- Retirement allowance: means the retirement payments to which a member is or may be entitled as provided in this Part. 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. Exception to 10% rule. Any member in service on January 1, 1976, and ineligible to make contributions under sections 17754, 17763 and 18354 because of the amendments of the predecessors of those sections by Public Law 1975, chapter 622, may make whatever additional contributions, at a rate in excess of 10% of earnable compensation, as are necessary to provide an increased retirement allowance equal to any benefits to which the member would have been entitled under the predecessors of sections 17754, 17763 and 18354, as in effect immediately before January 1, 1976.[PL 1985, c. 801, §§ 5, 7 (NEW).]
3. Limitation. This section shall not be applicable to any member who has not begun increased contributions under this section before January 1, 1990.[PL 1989, c. 95, §4 (NEW).]
SECTION HISTORYPL 1985, c. 801, §§5,7 (NEW). PL 1989, c. 95, §4 (AMD).