LD 2041
pg. 7
Page 6 of 9 An Act to Eliminate Legislative Pensions Page 8 of 9
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LR 2828
Item 1

 
(1) The amount arrived at under subsection 1 is reduced
by applying to that amount the percentage that a life
annuity due at 55 years of age bears to the life annuity
due at the age of retirement; and

 
(2) For the purpose of making the computation under
subparagraph (1), the board-approved tables of
annuities in effect at the date of the member's
retirement are used.

 
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
plan or the voluntary employee incentive program, authorized
by Public Law 1989, chapter 702, Part F, section 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. 16. 5 MRSA §17852, sub-§14, ķA, as enacted by PL 1997, c. 401, §3,
is amended to read:

 
A. For members with 10 years of creditable service on July
1, 1993, the retirement benefit is determined in accordance
with subsection 1, except that:

 
(1) The amount arrived at under subsection 1 is
reduced by applying to that amount the percentage that
a life annuity due at 55 years of age bears to the life
annuity due at the age of retirement; and

 
(2) For the purpose of making the computation under
subparagraph (1), the board-approved tables of
annuities in effect at the date of the member's
retirement are used.

 
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 plan or the
voluntary employee incentive program, authorized by Public Law
1989, chapter 702, Part F, section 6 and Public Law 1991, chapter
591, Part BB and chapter 780, Part VV; 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


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