Maine § 5 §172 Maine Retirement Savings Board

Maine Statutes

§ 5 §172 — Maine Retirement Savings Board

Maine·Title 5 ADMINISTRATIVE PROCEDURES AND SERVICES·Part 1 STATE DEPARTMENTS·Ch. 7-A MAINE RETIREMENT SAVINGS BOARD

The Maine Retirement Savings Board is established as a body corporate and politic and a public instrumentality of the State pursuant to section 12004‑G, subsection 33‑G to develop and maintain the Maine Retirement Savings Program for individuals employed or self-employed for wages or other compensation in this State.

1.Appointments. The board consists of 9 voting members as follows:

2.Confirmation of members. The 8 members of the board appointed by the Governor are subject to approval by the joint standing committee of the Legislature having jurisdiction over financial services matters and confirmation by the Senate.

3.Terms; vacancy. The term of office of each member of the board appointed by the Governor is 4 years. A member is eligible for reappointment. If there is a vacancy for any

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The Maine Retirement Savings Board is established as a body corporate and politic and a public instrumentality of the State pursuant to section 12004‑G, subsection 33‑G to develop and maintain the Maine Retirement Savings Program for individuals employed or self-employed for wages or other compensation in this State.
1.
Appointments.
The board consists of 9 voting members as follows:
2.
Confirmation of members.
The 8 members of the board appointed by the Governor are subject to approval by the joint standing committee of the Legislature having jurisdiction over financial services matters and confirmation by the Senate.
3.
Terms; vacancy.
The term of office of each member of the board appointed by the Governor is 4 years. A member is eligible for reappointment. If there is a vacancy for any cause for a member appointed by the Governor, the Governor shall make an appointment to become immediately effective for the unexpired term.
4.
Chair.
The members of the board shall elect one of its members annually to serve as the chair of the board.
5.
Quorum.
A majority of the voting members of the board constitutes a quorum for the transaction of business.
6.
Compensation.
A member of the board, except for the Treasurer of State and any designee of the Treasurer of State, must be compensated according to the provisions of section 12004‑G, subsection 33‑G.
7.
Staffing.
Except as otherwise provided, the Office of the Treasurer of State shall provide staff support to the board. The board shall reimburse the Office of the Treasurer of State for the full cost of any staff time provided to the board.
8.
Meetings.
The board shall meet at such times as established by policy of the board, but at least quarterly, beginning no later than May 2022 and may also meet at other times at the call of the chair. All meetings of the board are public proceedings within the meaning of Title 1, chapter 13, subchapter 1.