Maine § 4 §1357 Payment of regular retirement allowances

Maine Statutes

§ 4 §1357 — Payment of regular retirement allowances

Maine·Title 4 JUDICIARY·Ch. 27 JUDICIAL RETIREMENT ON OR AFTER DECEMBER 1, 1984

1.Normal method of payment. Payment of all regular retirement allowances shall begin on the first day of the month following the month in which the member becomes eligible to receive payment of regular retirement allowance under section 1351 or 1353, subsection 7. A full month's allowance shall be paid to the beneficiary or estate of the recipient for the month in which the member dies. All regular retirement allowances shall be paid for life in equal monthly installments, unless an alternative method of payment under one of the options of subsection 2 has been elected.

2.Optional methods of payment. In lieu of payment under subsection 1, a qualifying member may elect to receive a regular retirement allowance under one of the options set out in this subsection. The optional allowance is

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1.
Normal method of payment.
Payment of all regular retirement allowances shall begin on the first day of the month following the month in which the member becomes eligible to receive payment of regular retirement allowance under section 1351 or 1353, subsection 7. A full month's allowance shall be paid to the beneficiary or estate of the recipient for the month in which the member dies. All regular retirement allowances shall be paid for life in equal monthly installments, unless an alternative method of payment under one of the options of subsection 2 has been elected.
2.
Optional methods of payment.
In lieu of payment under subsection 1, a qualifying member may elect to receive a regular retirement allowance under one of the options set out in this subsection. The optional allowance is a reduced allowance computed actuarially on the basis of the option selected.
3.
Change of beneficiary.
If the recipient of a service retirement benefit has elected an optional method of payment under subsection 2, paragraphs B to H, and has designated someone other than a spouse or ex-spouse as sole beneficiary, the recipient is permitted a one-time change in the designated beneficiary except as provided in paragraph D, but may not change the already elected payment option or the amount of the benefits under that option, by filing a written designation of the new beneficiary, duly notarized, with the executive director on a form provided or specified by the Maine Public Employees Retirement System. The change of beneficiary permitted by this subsection may only be made prior to the death of the prior designated beneficiary.
4.
Notice to spouse.
A qualifying member who is married on the effective date of retirement, who elects the method of payment under subsection 1 and is not covered by the automatic spousal benefits provisions in that subsection, or who elects a method of payment other than that provided under subsection 1 and who designates a beneficiary other than the qualifying member's spouse must notify the spouse that the spouse is not the beneficiary. Proof that the spouse has been notified must be provided:

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Legislative History

PL 1983, c. 853, §§C15,18 (NEW). PL 1983, c. 863, §§B35,B45 (AMD). PL 1985, c. 475, §§1,4 (AMD). PL 1989, c. 133, §34 (AMD). PL 1999, c. 744, §§1,2 (AMD). PL 1999, c. 744, §17 (AFF). PL 2007, c. 491, §§54-60 (AMD). PL 2007, c. 523, §1 (AMD). PL 2009, c. 415, Pt. A, §3 (AMD). PL 2021, c. 548, §5 (AMD). RR 2021, c. 2, Pt. A, §2 (COR). PL 2025, c. 221, §8 (AMD).