Maine § 5 §18304 Former members

Maine Statutes

§ 5 §18304 — Former members

Maine § 5 §18304

Title 5ADMINISTRATIVE PROCEDURES AND SERVICES

Part 20STATE RETIREMENT SYSTEM

Ch. 425PARTICIPATING LOCAL DISTRICTS

This text of Maine § 5 §18304 (Former members) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 5, § 5 §18304 (2026).

Text

Any former member who withdrew that person's contributions after termination of service or after withdrawing from a retirement program of the retirement system and who again becomes a member may repay earlier contributions to the Members' Contribution Fund under the following conditions.

1.Time. The repayment must be made before the date any retirement benefit becomes effective for the member.

2.Manner of repayment. The repayment must be made to the applicable retirement program by a single direct payment or by annual direct payments made in accordance with section 18301, subsection 4.

3.Amount of repayment. The amount of repayment must be equal to the accumulated contributions withdrawn by the person plus interest on the amount of those accumulated contributions, beginning on the date

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Any former member who withdrew that person's contributions after termination of service or after withdrawing from a retirement program of the retirement system and who again becomes a member may repay earlier contributions to the Members' Contribution Fund under the following conditions.
1.
Time.
The repayment must be made before the date any retirement benefit becomes effective for the member.
2.
Manner of repayment.
The repayment must be made to the applicable retirement program by a single direct payment or by annual direct payments made in accordance with section 18301, subsection 4.
3.
Amount of repayment.
The amount of repayment must be equal to the accumulated contributions withdrawn by the person plus interest on the amount of those accumulated contributions, beginning on the date of withdrawal to the date the repayment or repayments are made, at a rate, to be set by the board, not to exceed regular interest by 5 or more percentage points.

Legislative History

PL 1985, c. 801, §§5,7 (NEW). PL 1989, c. 710, §15 (AMD). PL 1991, c. 580, §14 (AMD). PL 2003, c. 630, §§A7,8 (AMD). PL 2007, c. 491, §§212, 213 (AMD).