Maine Revised Statutes Title 5 Sec. 17701-B – Member contributions on and after July 1, 1993
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Terms Used In Maine Revised Statutes Title 5 Sec. 17701-B
- 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
- Pick-up contributions: means member contributions to the retirement system which are assumed and paid by the employer through a reduction of members' salaries for services rendered, in accordance with the United States Internal Revenue Code, Section 414(h), in lieu of employee contributions. 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
- Teacher: 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
Notwithstanding sections 17701 and 17701?A, on and after July 1, 1993 all members shall contribute to the State Employee and Teacher Retirement Program or have pick-up contributions made at a rate of 7.65% of earnable compensation except as otherwise provided in this Part. [PL 2007, c. 491, §104 (AMD).]SECTION HISTORYPL 1993, c. 410, §L28 (NEW). PL 2007, c. 491, §104 (AMD).