The percentage rate of the employer contribution, described in section 17252, to be known as the “employer contribution rate,” is fixed on the basis of the assets and liabilities of the retirement programs of the Maine Public Employees Retirement System as shown by actuarial valuation. [PL 2007, c. 491, §91 (AMD).]
1. Computation. The employer contribution rate is determined as the percentage of the members’ earnable compensation payable during the members’ periods of membership required to provide the difference between the total liabilities for retirement allowances, survivors’ benefits and disability retirement benefits not provided by the members’ accumulated contributions and the amount of the assets in the Retirement Allowance Fund.

[PL 2007, c. 249, §21 (AMD).]

Terms Used In Maine Revised Statutes Title 5 Sec. 17253

  • accumulated contributions: includes as much of the employer's contribution in the Retirement Allowance Fund as is needed to reach 7. See Maine Revised Statutes Title 5 Sec. 17001
  • Actuary: means the individual or the organization designated by the board to be the technical advisor to the board under section 17107. See Maine Revised Statutes Title 5 Sec. 17001
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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; and
    (4) Pick-up contributions. See Maine Revised Statutes Title 5 Sec. 17001
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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
2. Manner of determination. The employer contribution rate shall be determined after each valuation based on actuarial assumptions adopted by the board and shall continue in force until a new valuation is made.

[PL 1985, c. 801, §§5, 7 (NEW).]

3. Components of unfunded liability contribution. The annual valuation report prepared by the actuary in accordance with section 17107 must include identification of the impact on the employer contribution rate of any excess General Fund revenues transferred to the Retirement Allowance Fund pursuant to section 1532.

[PL 2005, c. 2, Pt. A, §10 (AMD); PL 2005, c. 2, Pt. A, §14 (AFF).]

SECTION HISTORY

PL 1985, c. 801, §§5,7 (NEW). PL 1987, c. 739, §§8,48 (AMD). PL 1995, c. 464, §15 (AMD). PL 2005, c. 2, §A10 (AMD). PL 2005, c. 2, §A14 (AFF). PL 2007, c. 249, §21 (AMD). PL 2007, c. 491, §91 (AMD).