Maine Revised Statutes Title 5 Sec. 17703 – Former members
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Any former member who withdrew his contributions after termination of service and who again becomes a member may repay his earlier contributions to the Members’ Contribution Fund under the following conditions. [PL 1985, c. 801, §§5, 7 (NEW).]
1. Time. The repayment must be made before the date any retirement benefit becomes effective for the member.
[PL 2003, c. 630, Pt. B, §1 (AMD).]
Terms Used In Maine Revised Statutes Title 5 Sec. 17703
- 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
- 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
- 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
- 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
- Regular interest: means interest at the rate set from time to time by the board in accordance with section 17156. 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
- Service: means service as an employee for which compensation was paid. See Maine Revised Statutes Title 5 Sec. 17001
1-A. Exception.
[PL 2003, c. 630, Pt. B, §2 (RP).]
2. Manner of repayment. The repayment must be made to the applicable retirement program by a single direct payment or by annual direct payments. Annual repayments must be made as provided in section 17701, subsection 4.
[PL 2007, c. 491, §108 (AMD).]
3. Amount of repayment. The amount of repayment must be equal to the accumulated contributions withdrawn by the person plus interest on the amount of those accumulated contributions, beginning on the date of withdrawal to the date the repayment or repayments are made, at a rate, to be set by the board, not to exceed regular interest by 5 or more percentage points.
[PL 1985, c. 801, §§5, 7 (NEW).]
SECTION HISTORY
PL 1985, c. 801, §§5,7 (NEW). PL 1989, c. 710, §3 (AMD). PL 1991, c. 325 (AMD). PL 1991, c. 580, §5 (AMD). PL 2003, c. 261, §5 (AMD). PL 2003, c. 630, §§B1,2 (AMD). PL 2007, c. 491, §108 (AMD).