Maine Revised Statutes Title 5 Sec. 17812 – Limitation on benefits
Current as of: 2023 | Check for updates
|
Other versions
Benefits are limited as follows. [PL 1987, c. 256, §11 (NEW).]
1. One benefit only. A beneficiary may select only one benefit, regardless of how many benefits he qualifies for.
[PL 1987, c. 256, §11 (NEW).]
Terms Used In Maine Revised Statutes Title 5 Sec. 17812
- Beneficiary: means a person or persons designated by a member to receive a benefit under this Part or a person otherwise entitled to receive a benefit under this Part. See Maine Revised Statutes Title 5 Sec. 17001
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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
- Retirement: means termination of membership with a retirement allowance granted under this chapter. See Maine Revised Statutes Title 5 Sec. 17001
2. Election final. Except as provided in section 17803, subsection 4, and section 17953, subsection 8, if a beneficiary elects a benefit after receiving reasonable notification of available options from the retirement system, the beneficiary’s election of benefit is final and may not be changed or revoked at a later date.
[PL 1991, c. 548, Pt. A, §2 (AMD).]
SECTION HISTORY
PL 1987, c. 256, §11 (NEW). PL 1991, c. 548, §A2 (AMD).