Maine § 5 §17153 Board of trustees

Maine Statutes

§ 5 §17153 — Board of trustees

Maine·Title 5 ADMINISTRATIVE PROCEDURES AND SERVICES·Part 20 STATE RETIREMENT SYSTEM·Ch. 421 GENERAL PROVISIONS

1.Actuarially sound basis. 1-A. Actuarially sound basis. The board shall calculate the funds necessary to maintain all programs of the retirement system on an actuarially sound basis, including the unfunded liability arising from payment of benefits for which contributions were not received and shall transmit those calculations to the State Budget Officer as required by chapter 149.

2.Trustee of funds. The members of the board shall be the trustees of the several funds created by this Part.

3.Investment of funds. The board may cause the funds created by this Part to be invested and reinvested in accordance with the standards defined in Title 18‑B, sections 802 to 807 and chapter 9, subject to periodic approval of the investment program by the board.

4.Prohibitions. In addition to the l

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1.
Actuarially sound basis.
1-A.
Actuarially sound basis.
The board shall calculate the funds necessary to maintain all programs of the retirement system on an actuarially sound basis, including the unfunded liability arising from payment of benefits for which contributions were not received and shall transmit those calculations to the State Budget Officer as required by chapter 149.
2.
Trustee of funds.
The members of the board shall be the trustees of the several funds created by this Part.
3.
Investment of funds.
The board may cause the funds created by this Part to be invested and reinvested in accordance with the standards defined in Title 18‑B, sections 802 to 807 and chapter 9, subject to periodic approval of the investment program by the board.
4.
Prohibitions.
In addition to the limitations of section 18 and except as otherwise provided, no trustee and no employee of the board of trustees may:

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Legislative History

PL 1985, c. 801, §§5,7 (NEW). PL 1987, c. 193, §§1,2 (AMD). PL 1991, c. 528, §P2 (AMD). PL 1991, c. 528, §RRR (AFF). PL 1991, c. 591, §P2 (AMD). PL 2003, c. 618, §B2 (AMD). PL 2003, c. 618, §B20 (AFF). PL 2007, c. 491, §84 (AMD). RR 2023, c. 2, Pt. B, §97 (COR).