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would have received had the Legislator remained in the position | | from which the Legislator is on a leave of absence.__The | | Legislator's total member contributions under this section may not | | be greater than the member contributions that would have been paid | | on the earnable compensation that the Legislator would have | | received had the Legislator remained in that position from which | | the Legislator is on a leave of absence. |
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| | | 4.__Method of member contribution. A Legislator may make | | member contributions under this section by either a single lump | | sum payment or by annual direct payments as provided by Title 5, | | section 17701, subsection 4. |
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| | | 5.__Interest.__If the Legislator makes member contributions | | under this section in the year in which the Legislator is on | | leave of absence, no interest accrues.__If payment of member | | contributions under this section is made at any later time, | | interest accrues at a rate to be set by the board of trustees not | | to exceed regular interest by 5% or more, computed beginning at | | the end of the year in which the contributions would have been | | made to date of payment. |
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| | | 6.__Written agreement.__A Legislator who elects to make | | additional member contributions under this section must enter | | into a written agreement with the Maine State Retirement System | | for the making of the contributions.__The agreement must be in a | | form specified by the Maine State Retirement System and according | | to terms and procedures specified by the Maine State Retirement | | System. |
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| | | Sec. 3. 5 MRSA §17701, sub-§5 is enacted to read: |
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| | | 5.__Earnable compensation for certain members.__The earnable | | compensation of a public school teacher or employee of the | | Vocational-Technical Institute System who is on leave of absence | | for the purpose of serving as a Legislator is the total amount of | | earnable compensation upon which the teacher or employee makes | | member contributions as specified in and subject to the | | limitations of Title 3, section 801, subsection 1. |
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| | | This bill preserves retirement benefits for teachers who serve | | in the Legislature. Under this bill, any Legislator who is a | | public school teacher or an employee of the Vocational-Technical | | Institute System who takes a leave of absence in order to serve | | as a Legislator may make contributions to the Maine State | | Retirement System on the amount that represents the difference | | between the salary earned as a |
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| | | Legislator and the salary the Legislator would have received in | | the Legislator's job as a teacher. |
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