Maine Statutes
§ 5 §18458 — Recomputation of benefit
Maine·Title 5 ADMINISTRATIVE PROCEDURES AND SERVICES·Part 20 STATE RETIREMENT SYSTEM·Ch. 425 PARTICIPATING LOCAL DISTRICTS
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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Legislative History
PL 1985, c. 801, §§5,7 (NEW).
Nearby Sections
15
§ 5 §18402
Eligibility for benefits§ 5 §18403
Election of methods of payment§ 5 §18404
Methods of payment§ 5 §18405
Remarriage after retirement§ 5 §18405-A
Divorce§ 5 §18406
Liability for payment of benefits§ 5 §18409
Payment from certain funds§ 5 §18410
Incorrect records§ 5 §18411
Earnable compensation continued§ 5 §18412
Limitation on benefits