Terms Used In Maine Revised Statutes > Title 5 > Part 2 > Chapter 68 - Individual Retirement Account and Simplified Employee Pension Plans for Public Employees

• 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
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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
• 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