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Second Regular Session of the 122nd

H.P. 1231 - L.D. 1723

An Act To Address Benefits for Employees and Officers of Credit Unions

Be it enacted by the People of the State of Maine as follows:

     Sec. 1. 9-B MRSA §843, sub-§4 is enacted to read:

     4. Benefits. A credit union may provide employee benefits, including retirement benefits, to its employees and officers. The kind and amount of these benefits must be reasonable given the credit union's size and financial condition and the duties of the employees and officers. A credit union investing to fund an employee benefit plan obligation is not subject to the investment limitations of section 862 and may purchase an investment that would otherwise be impermissible if the investment is directly related to the credit union's obligation or potential obligation under the employee benefit plan and the credit union holds the investment only for as long as it has an actual or potential obligation under the employee benefit plan. The superintendent may adopt rules to implement this subsection. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.

Effective August 23, 2006.

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