Maine Revised Statutes Title 5 Sec. 17602 – Name, establishment and purpose
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Terms Used In Maine Revised Statutes Title 5 Sec. 17602
- 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
- Code: means the United States Internal Revenue Code of 1986, as amended. See Maine Revised Statutes Title 5 Sec. 17001
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Employee: 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 State employee: means any regular classified or unclassified officer or employee in a department, any employee of the Maine Community College System except those who make the election provided under Title 20?A, section 12722, any employee of the Maine Educational Center for the Deaf and Hard of Hearing and the Governor Baxter School for the Deaf except as provided in Title 20?A, section 7407, subsection 3?A, any employee of the Maine Military Authority, any employee of the Northern New England Passenger Rail Authority, any employee of the Maine Port Authority, any employee of the Efficiency Maine Trust who on June 30, 2009 is an employee of the Public Utilities Commission energy efficiency or renewable energy programs who elects to remain a state employee, any employee of the Efficiency Maine Trust who accepts employment with the Efficiency Maine Trust prior to July 1, 2010 who was a state employee immediately prior to accepting such employment who elects to remain a state employee and any employee transferred from the Division of Higher Education Services to the Finance Authority of Maine who elects to be treated as a state employee, but does not include:
A. See Maine Revised Statutes Title 5 Sec. 17001Teacher: includes a person who is on a one-year leave of absence from a position as a teacher and is participating in the education of prospective teachers by teaching and supervising students enrolled in college-level teacher preparation programs in this State. See Maine Revised Statutes Title 5 Sec. 17001 United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
There is established the State Employee and Teacher Retirement Program as a governmental qualified defined benefit plan pursuant to Sections 401(a) and 414(d) of the Internal Revenue Code and such other provisions of the Internal Revenue Code and United States Treasury regulations and other guidance as are applicable, which has the powers and privileges of a corporation. [PL 2009, c. 474, §13 (AMD).]
The purpose of the State Employee and Teacher Retirement Program is to provide retirement allowances and other benefits under this chapter for state employees and teachers. [PL 2007, c. 491, §93 (NEW).]
SECTION HISTORY
PL 2007, c. 491, §93 (NEW). PL 2009, c. 474, §13 (AMD).