Title 5, §18305-A: Back contributions for optional members

§18305-A. Back contributions for optional members

A person whose membership is optional and who did not become a member on the date of first employment or who reentered the Participating Local District Retirement Program after having previously withdrawn may elect as permitted by section 18251, 18252 or 18252-A, whichever is applicable, to pay into the Members' Contribution Fund under the following conditions: [2007, c. 491, §216 (AMD).]

1. Time. The payment must be made before the date any retirement benefit becomes effective for the member;

[ 2003, c. 630, Pt. A, §10 (NEW) .]

2. Manner of payment. The payment must be made to the Participating Local District Retirement Program by a single direct payment or by annual direct payments made in accordance with section 18301, subsection 4; and

[ 2007, c. 491, §217 (AMD) .]

3. Amount of payment. The amount of payment must be the amount that, together with regular interest on that amount, is the actuarial equivalent, at the effective date of the retirement benefit, of the portion of the retirement benefit based on the additional creditable service. Additional amounts paid under this section become part of the member's accumulated contributions.

[ 2003, c. 630, Pt. A, §10 (NEW) .]

SECTION HISTORY

2003, c. 630, §A10 (NEW). 2007, c. 491, §§216, 217 (AMD).

Maine Revised Statutes

§18305-A. Back contributions for optional members

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