Maine § 5 §18304 Former members

Maine Statutes

§ 5 §18304 — Former members

Maine·Title 5 ADMINISTRATIVE PROCEDURES AND SERVICES·Part 20 STATE RETIREMENT SYSTEM·Ch. 425 PARTICIPATING LOCAL DISTRICTS

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 The amount of repayment must be equal to the accumulated contributions withdrawn by the person plus interest on the amount of those accumulated contributions, beginning on the date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The amount of repayment must be equal to the accumulated contributions withdrawn by the person plus interest on the amount of those accumulated contributions, beginning on the date of withdrawal to the date the repayment or repayments are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.

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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).