§ 5 §17852-A — Computation of benefit for certain correctional facility employees

Maine § 5 §17852-A

• Jurisdiction: Maine
• Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
• Part 20: STATE RETIREMENT SYSTEM
• Ch. 423: STATE EMPLOYEES AND TEACHERS

Text

1.
Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
2.
Correctional facility employees.
Notwithstanding section 17852 and any other provision of law, the service retirement benefit for a member for whom funding has been received under subsection 6 is computed as provided in subsection 3 if the member:
3.
Benefit.
The amount of the service retirement benefit for a member qualified under subsection 2 is 1/50 of the member's average final compensation multiplied by the number of years of creditable service.
4.
Certification and calculation of required funding.
Within 5 days of a closure of a correctional facility, the Commissioner of Corrections shall provide certification of the closure and the date of enactment and the chapter of the law approving the closure to the retirement system. The retirement system shall determine the required funding for service retirement benefits under subsection 3 for all members who meet the conditions of subsection 2 and shall provide the determined amount to the Commissioner of Administrative and Financial Services, the Commissioner of Corrections and the joint standing committee of the Legislature having jurisdiction over retirement matters.
5.
Increase in employer contribution.
Upon receipt of the determined required funding from the retirement system pursuant to subsection 4, the Department of Administrative and Financial Services shall assess a one-time increase in the Department of Corrections' employer contribution rate provided for in section 17253 to fully fund the determined amount.
6.
Receipt of funding.
The service retirement benefit for a member who meets the conditions of subsection 2 is paid under subsection 3 only if the retirement system has received the funding from the additional assessment provided for in subsection 5 or received an appropriation from the Legislature for the required funding under subsection 4.

Legislative History

PL 2017, c. 460, Pt. K, §1 (NEW).