Maine Revised Statutes Title 5 Sec. 18200 – Name, establishment and purpose
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Terms Used In Maine Revised Statutes Title 5 Sec. 18200
- 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.
- Local district: means :
A. See Maine Revised Statutes Title 5 Sec. 17001Participating local district: means a local district that has approved the participation of its employees in the Participating Local District Retirement Program of the retirement system under section 18201. 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 United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
There is established the Participating Local District 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, §26 (AMD).]
The purpose of the Participating Local District Retirement Program is to provide retirement allowances and other benefits under this chapter for employees of participating local districts. [PL 2007, c. 491, §181 (NEW).]
SECTION HISTORY
PL 2007, c. 491, §181 (NEW). PL 2009, c. 474, §26 (AMD).