1.Terms and conditions.
Any former Governor and any surviving spouse of a deceased Governor or former Governor
is entitled, upon application and upon reaching age 60, to a retirement allowance
under the following terms and conditions.
A. The amount of the retirement allowance is 3/8 of the annual salary being paid the
current Governor on the date the former Governor reaches age 60 or leaves office,
which ever comes later. [1987, c. 422, (AMD).]
B. The surviving spouse of a Governor or former Governor shall be eligible to receive:
(1) If the spouse is age 60 or older:
(a) The retirement allowance the Governor was receiving or was entitled to receive
if the deceased or former Governor died at age 60 or older; or
(b) A retirement pension equal to 3/8 of the salary paid to the Governor currently
in office if the former Governor died before age 60; or
(2) If the spouse is under age 60:
(a) At the time the spouse reaches age 60, a retirement pension equal to 3/8 of the
salary paid to the Governor currently in office; or
(b) Before the spouse reaches age 60, a reduced retirement pension actuarially equivalent
to the benefit which he would have received under division (a). [1987, c. 422, (AMD).]
C. Any person who succeeds to the office of Governor by means other than by election
must serve as Governor a minimum of 6 months to qualify himself or a surviving spouse
for the retirement allowance. [1985, c. 801, §§ 1, 7 (NEW).]
D. Whatever adjustments are made under Title 5, sections 17806 and 18407 shall be applied
to payments made under this section. [1985, c. 801, §§ 1, 7 (NEW).]
1987, c. 422, (AMD)
2.Maine Public Employees Retirement System.
The trustees of the Maine Public Employees Retirement System shall be responsible
for the payment of the retirement allowance under this section from the Governor's
A. The board of trustees of the Maine Public Employees Retirement System shall forward
to the Executive Department for inclusion in its budget request an estimate of the
amount needed to be appropriated to the Governor's Retirement Fund which will be sufficient,
when combined with the amount in the fund, to provide the benefits payable out of
the fund during the ensuing biennium. [1985, c. 801, §§ 1, 7 (NEW); 2007, c. 58, §3 (REV).]
B. A Governor may become or continue to be a member of the State Employee and Teacher Retirement Program and is entitled to all benefits, except that the benefit provided under this section is in lieu of, and not in addition to, all benefits provided under Title 5, Part 20. [2007, c. 491, §1 (AMD).]
C. When a retirement allowance under this section becomes effective:
(1) Any accumulated contributions of a Governor who is or was a member of the State Employee and Teacher Retirement Program or was a member of the former Maine State Retirement System must be transferred from the Members' Contribution Fund to the Governor's Retirement Fund;
(2) An amount must be transferred from the Retirement Allowance Fund to the Governor's Retirement Fund
equal to the accrued benefit reserve minus the accumulated contributions under subparagraph
(1), which would have been required to pay the benefits to which the Governor or surviving
spouse would have been entitled under Title 5, chapter 423, subchapter 5. [2007, c. 491, §2 (AMD).]
D. A Governor shall contribute 7.65% of earnable compensation to the Governor's Retirement
Fund. A former Governor may withdraw these contributions. If a former Governor withdraws
contributions, the former Governor is not eligible for a retirement allowance under
this section. A former Governor who has withdrawn contributions may repay withdrawn
contributions pursuant to rules adopted by the Board of Trustees of the Maine Public
Employees Retirement System in order to become eligible for a retirement allowance
under this section. [1993, c. 410, Pt. FFFF, §1 (NEW); 2007, c. 58, §3 (REV).]
2007, c. 491, §§1, 2 (AMD)
3.Forfeiture and restitution.
The rights and benefits of a member or retiree under this section are subject to forfeiture
or assignment to the member's spouse, dependent or former spouse in accordance with
the provisions of Title 5, section 17062.
2011, c. 606, §1 (NEW)
1985, c. 801, §§1,7 (NEW).
1987, c. 422, (AMD).
1993, c. 410, §FFFF1 (AMD).
2007, c. 58, §3 (REV).
2007, c. 491, §§1, 2 (AMD).
2011, c. 606, §1 (AMD).
Data for this page extracted on 10/06/2014 08:42:28.
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