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(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 |
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| | | (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. |
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| | | 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. |
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| | | Sec. 16. 5 MRSA §17852, sub-§14, ķA, as enacted by PL 1997, c. 401, §3, | | is amended to read: |
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| | | 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: |
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| | | (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 |
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| | | (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. |
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| | | 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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