Maine Revised Statutes Title 5 Sec. 892 – Individual retirement and pension plans
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Terms Used In Maine Revised Statutes Title 5 Sec. 892
- Contract: A legal written agreement that becomes binding when signed.
- Employee: means any person whether appointed, elected or under contract, providing services for the State, county, municipality or other political subdivision, for which compensation is paid. See Maine Revised Statutes Title 5 Sec. 891
- Individual retirement account: means an individual retirement account that is in compliance with the United States Internal Revenue Code. See Maine Revised Statutes Title 5 Sec. 891
- Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72
- Simplified employee pension plan: means a simplified employee pension plan that is in compliance with the provisions of the United States Internal Revenue Code of 1954, as amended, as these provisions relate to simplified employee pension plans. See Maine Revised Statutes Title 5 Sec. 891
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
The State or any county, municipality or other political subdivision may enter into an agreement with an employee under which all or a portion of that employee’s compensation may be transferred into an individual retirement account or simplified employee pension plan in accordance with the United States Internal Revenue Code of 1954, as amended. The State or any county, municipality or other political subdivision may make payroll deductions for individual retirement accounts or simplified employee pension plans from a financial institution as defined in Title 9-B, section 131, subsection 17-A, or any insurance company or investment company licensed to contract business in this State. [PL 1983, c. 791, §2 (NEW).]
SECTION HISTORY
PL 1983, c. 791, §2 (NEW).