LD 2041
pg. 3
Page 2 of 9 An Act to Eliminate Legislative Pensions Page 4 of 9
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LR 2828
Item 1

 
3. Member with creditable service of 25 years or more. A member
who has completed 25 or more years of creditable service qualifies
for a service retirement benefit if he that member retires at any
time after completing 25 years of service, which may include, for
the purpose of meeting eligibility requirements, creditable service
as a member of the Maine Legislative Retirement System under former
Title 3, section 701, subsection 8, before becoming a member of the
Maine State Retirement System.

 
Sec. 9. 5 MRSA §17852, sub-§3, as amended by PL 1993, c. 410, Pt. L,
§36, is further amended to read:

 
3. Member with creditable service of 25 years or more; 10
years of creditable service on July 1, 1993. The amount of the
service retirement benefit for members qualified under section
17851, subsection 3, is computed in accordance with subsection 1,
except that:

 
A. The amount arrived at under subsection 1 is reduced by
applying to that amount the percentage that a life annuity
due at age 60 bears to the life annuity due at the age of
retirement; and

 
B. For the purpose of making the computation under
paragraph A, the board-approved tables of annuities in
effect at the date of the member's retirement are used.

 
This subsection applies to members who, on July 1, 1993, have 10
years of creditable service. For the purpose of calculating
creditable service under this subsection only, creditable service
includes time during which a member participated in the voluntary
cost savings cost-savings plan or the voluntary employee
incentive program, authorized by Public Law 1989, chapter 702,
Part F, section F-6 6 and Public Law 1991, chapter 591, Part BB
and chapter 780, Part VV, or 10 years of combined creditable
service under this Part and former Title 3, chapter 29, or
creditable service available to a member that the member was
eligible to purchase on June 30, 1993 and that the member does
purchase in accordance with rules adopted by the board.

 
Sec. 10. 5 MRSA §17852, sub-§4, śC, as amended by PL 1993, c. 410, Pt.
L, §38, is further amended to read:

 
C. For persons qualifying under section 17851, subsection
4, paragraph B, and who retire before reaching the age of
55, the retirement benefit is determined in accordance with
subsection 1, except that:


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