B.__An employee of the Maine Technical College System who is covered by this subsection and who elected to participate in the defined contribution retirement plan may elect to terminate participation in the defined contribution retirement plan and to participate in the Maine State Retirement System by notifying the Maine State Retirement System in writing no later than January 1, 2004.

(1)__An employee of the Maine Technical College System electing the option provided in this paragraph may also elect to purchase service credit under the Maine State Retirement System for all or part of the time that the employee participated in the defined contribution retirement plan.__The election must be made in writing to the Maine State Retirement System no later than January 1, 2004.__Purchase of service credit under this subparagraph consists of payment of an amount that, together with regular interest as defined in Title 5, section 17001, subsection 31 on that amount, is the actuarial equivalent, at the effective date of the retirement benefit, of the portion of the retirement benefit based on the additional creditable service.

C.__Payment to the Maine State Retirement System under this subsection may be made by single direct payment or annual direct payments to the Members' Contribution Fund and must be made before any retirement benefit from the Maine State Retirement System becomes effective for that person.__Annual direct payments under this paragraph must be made as provided in Title 5, section 17701, subsection 4.

SUMMARY

This bill allows confidential employees of the Maine Technical College System who are not represented in a collective bargaining unit to amend their retirement system election.