Maine § 5 §18458 Recomputation of benefit

Maine Statutes

§ 5 §18458 — Recomputation of benefit

Maine § 5 §18458

Title 5ADMINISTRATIVE PROCEDURES AND SERVICES

Part 20STATE RETIREMENT SYSTEM

Ch. 425PARTICIPATING LOCAL DISTRICTS

This text of Maine § 5 §18458 (Recomputation of benefit) 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 §18458 (2026).

Text

When a participating local district adopts the benefits provided by the Public Laws of 1973, chapter 542, benefits for former employees receiving a retirement benefit shall be recomputed as follows. 1. 1/50 basis. Each person receiving a service retirement benefit is entitled to a recomputation of benefits based upon the change in formula to a 1/50 basis.

2.Three-year average basis. Each person who is receiving a service retirement benefit which had been computed on the basis of a 5-year average highest compensation is entitled to a recomputation of benefits based on a 3-year average highest compensation.

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When a participating local district adopts the benefits provided by the Public Laws of 1973, chapter 542, benefits for former employees receiving a retirement benefit shall be recomputed as follows.
1.
1/50 basis.
Each person receiving a service retirement benefit is entitled to a recomputation of benefits based upon the change in formula to a 1/50 basis.
2.
Three-year average basis.
Each person who is receiving a service retirement benefit which had been computed on the basis of a 5-year average highest compensation is entitled to a recomputation of benefits based on a 3-year average highest compensation.