Maine Revised Statutes Title 5 Sec. 888 – Application
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Terms Used In Maine Revised Statutes Title 5 Sec. 888
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
Any compensation or portion of compensation reduced by an employee in conjunction with a deferred compensation program and any earnings or income thereon must be held in trust for the exclusive benefit of that participant and that participant’s beneficiary as provided in the United States Internal Revenue Code, Section 457. For purposes of this section, custodial accounts, annuity contracts and other contracts described in the United States Internal Revenue Code, Section 457(g) must be treated as trusts. Any compensation or portion of compensation reduced must be considered in calculating any employee benefits and is subject to any withholding imposed on the employee. Any compensation or portion of compensation reduced is not subject to any income taxation until distribution is actually made to the employee. [PL 1997, c. 192, §1 (AMD).]
SECTION HISTORY
PL 1973, c. 491 (NEW). PL 1973, c. 788, §§16-A (RPR). PL 1997, c. 192, §1 (AMD).