Terms Used In Maine Revised Statutes > Title 5 > Part 4 > Chapter 158 > Subchapter 1 - Department of Administrative and Financial Services

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Assets of the investment trust fund: means the funds appropriated or otherwise provided to fund the investment trust fund, together with the interest, earnings and returns on the funds. See Maine Revised Statutes Title 5 Sec. 17431
• 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
• Board: means the board of trustees, established under section 12004?F, subsection 9, to administer the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001
• Chief executive officer: means the Chief Executive Officer of the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001
• Commissioner: means the Commissioner of Administrative and Financial Services. See Maine Revised Statutes Title 5 Sec. 17431
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Investment trust fund: means the Retiree Health Insurance Post-employment Benefits Investment Trust Fund established in section 17432. See Maine Revised Statutes Title 5 Sec. 17431
• Investment trust fund agreement: means the trust agreement to be entered into by the State and the trustees of the investment trust fund. See Maine Revised Statutes Title 5 Sec. 17431
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Retirement: means termination of membership with a retirement allowance granted under this chapter. See Maine Revised Statutes Title 5 Sec. 17001
• System: means the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17431
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee: A person or institution holding and administering property in trust.
• Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72