Title 5, Title 5

The money in the various funds created by this Part and any property owned by the retirement system are exempt from any state, county or municipal tax in the State.

The right of a person to a retirement allowance, the retirement allowance itself, the refund of a person's accumulated contributions, any death benefit, any other right accrued or accruing to any person under this Part and the money in the various funds created by this Part may n…

Employers are responsible for providing procedures by which employees for whom membership in the retirement system is optional make a membership election, for maintaining all records relevant to the election process and an individual employee's election and for informing the reti…

For the purposes of this Part: [PL 1985, c. 801, §§ 5, 7 (NEW).] 1. Election of benefit. If a beneficiary is not lawfully qualified to make an election, the election must be made for the beneficiary by the person authorized to do so by Title 18-C, Article 5; and 2. Payment of ben…

1. Transfer to state employee account. Notwithstanding sections 18202 and 18408, funds held by the retirement system to the credit of employees of any Superior Court who became employees of the State pursuant to Public Law 1975, chapters 383 and 408, shall be transferred on the r…

1. Medical information. Medical information of any kind in the possession of the retirement system, including information pertaining to diagnosis or treatment of mental or emotional disorders, is confidential and not open to public inspection and does not constitute "public recor…

If information regarding the availability, calculation or value of any benefit is required for an administrative or judicial proceeding, the party seeking the information must file written questions requesting that information with the chief executive officer. The chief executive…

1. Determination by chief executive officer. The chief executive officer or the chief executive officer's designee has exclusive authority to determine whether a domestic relations order is a qualified domestic relations order under this section. A determination by the chief exec…

1. Annuity or lump sum. The board may by rule provide that, in lieu of paying an alternate payee the interest awarded by a qualified domestic relations order, the retirement system may pay the alternate payee an amount that is the actuarial equivalent of that interest in the form…

The death of an alternate payee as defined in section 17001, subsection 3‑B terminates the interest of the alternate payee in the retirement system. This section does not affect an interest in the retirement system accrued to an individual as a member of a retirement program of t…

1. Crime. If a member is convicted of or pleads guilty or no contest to a crime committed in connection with the member's public office or public employment or to a crime the member's position placed the member in a position to commit, the member's right to receive any benefit or…

1. Purpose. There is established a retirement system, the functions and operations of which are under the supervision of the board, for the purpose of providing retirement allowances and other benefits under this Part for employees. 2. Name. The retirement system is known as the …

1. Composition. The Board of Trustees of the Maine Public Employees Retirement System, established by section 12004‑F, subsection 9, is composed of 8 trustees, as follows: A. The Treasurer of State or the Deputy Treasurer of State; [PL 1997, c. 625, §1 (AMD).] B. A person who is …

In addition to other duties set out in this Part, the board shall have the following duties. [PL 1985, c. 801, §§5, 7 (NEW).] 1. Operation of retirement system. The board shall have responsibility for the proper operation of the retirement system and for making this Part effectiv…

In addition to other powers set forth in this Part, the board may employ or contract with persons for investment counsel or advice and for other expert, professional or other assistance as may be appropriate to aid in carrying out the board's functions.

1. Duties. In addition to other duties set out in this Part, the chief executive officer, as appointed under section 17103, subsection 8, shall have the following duties. A. The chief executive officer shall have administrative responsibility for the retirement system, including …

Prior to any adverse decision rendered by retirement system staff with respect to the recoupment, suspension or termination of benefits, or assessment of penalties or interest, the affected member or retiree is entitled to an informal hearing to which the member or retiree may br…

The board shall contract with qualified attorneys to act as hearing officers to implement the provisions of this chapter. Hearing officers are subject to the provisions of this section. Hearing officers are not employees of the board but independent contractors who serve as neutr…

1. Disability retirement forms; assessment. The chief executive officer shall develop and make easily accessible to health care providers in this State a disability form that allows a health care provider to provide an assessment of a member's ability to work after taking into ac…

1. Designation. The board shall designate an actuary who shall be the technical advisor to the board on matters regarding the operation of the funds created by this Part. A. If the designated actuary is an individual, the individual must be a Fellow of the Society of Actuaries. […

1. Contract. The board may contract with one or more fiduciaries or registered investment advisors. All contracts with fiduciaries or registered investment advisors must have the approval of a majority of the board. 2. Duties. The fiduciary or registered investment advisor has th…

1. Contract. The board may employ or contract for the services of persons or associations, other than those contracted with under section 17108, for investment counsel or advice and for other professional or other assistance, as may be necessary or appropriate to aid in carrying …

1. Contract or agreement. The board may enter into a contract or agreement with any national bank, trust company or safe deposit company for custodial services for the securities belonging to any fund of the retirement system and other related services. A. A contracting bank perf…

1. Findings. The Legislature finds that the State owes a great debt to its retired employees for their years of faithful and productive service. A. Part of that debt is repaid by the benefits provided to retirees through the State Employee and Teacher Retirement Program. [PL 2007…

The board may combine the assets of the State Employee and Teacher Retirement Program with the assets of other retirement programs of the retirement system for investment purposes. The assets of the State Employee and Teacher Retirement Program may not be combined with the assets…

1. Actuarially sound basis. 1-A. Actuarially sound basis. The board shall calculate the funds necessary to maintain all programs of the retirement system on an actuarially sound basis, including the unfunded liability arising from payment of benefits for which contributions were …

1. Custodian. 2. Budget estimates. The board shall submit budget estimates of contributions required to fund benefits for state employees and teachers to the State Budget Officer in accordance with section 1665, except that after July 1, 1995, the board may not submit estimates o…

If and when any special resolve or other legislation described in section 17103, subsection 10, is enacted by the Legislature, the entire actuarial costs of benefits granted shall be fully funded by act of the same Legislature which enacts the special resolve or other legislation…

The board shall, from time to time, by order, set the rate of regular interest at a percent rate compounded periodically determined by the board to be equitable, both to members and to the taxpayers of the State, provided that the interest credited to a member with less than 10 y…

All interest and dividends earned on the funds of the retirement system shall be credited to the Retirement Allowance Fund. [PL 1985, c. 801, §§ 5, 7 (NEW).] 1. Transfer to Members' Contribution Fund. The board shall periodically allow regular interest on the individual accounts …

Upon full funding of the accrued unfunded reserves of any program of the Maine Public Employees Retirement System, the board of trustees may reduce employer contributions to the level required to maintain proper funding of earned benefits. The board of trustees may also seek legi…

When an employee retires prior to normal retirement age and receives from the employer any significant monetary or nonmonetary payment or award in connection with the employee's retirement, the employer must, prior to the effective date of the employee's retirement, demonstrate t…

1. Portion of employer contribution. Beginning in fiscal year 2002-03 and continuing until the unfunded liabilities of the State Employee and Teacher Retirement Program attributable to state employees and teachers, as defined in the Constitution of Maine, Article IX, Section 18-B…

The Members' Contribution Fund is established and it shall contain accumulated contributions deducted from the compensation of members.

In order to facilitate the making of deductions, the board may modify the deduction required of any member by an amount that does not exceed 1/10 of 1% of the member's annual rate of earnable compensation.

1. Certification and deduction. The board shall certify to the chief administrative officer of each department, school and participating local district and the chief administrative officer shall cause to be deducted from the compensation of each member on each payroll of the depa…

A member in service may make contributions on the member's own account, in addition to the employee contributions required under this Part, to the Members' Contribution Fund, at a rate not in excess of 10% of earnable compensation for the purpose of increasing the amount of payme…

The chief executive officer shall furnish to each member of the retirement programs of the retirement system, upon request, a statement showing the amount of accumulated contributions to the member's credit in the member's individual account in the Members' Contribution Fund.

The Retirement Allowance Fund is established in which must be accumulated all reserves required for the payment of benefits under this Part, other than reserves in the Members' Contribution Fund.

On account of each member, the State and each participating local district shall pay annually into the Retirement Allowance Fund an amount equal to a certain percentage of the annual earnable compensation of employees.

The percentage rate of the employer contribution, described in section 17252, to be known as the "employer contribution rate," is fixed on the basis of the assets and liabilities of the retirement programs of the Maine Public Employees Retirement System as shown by actuarial valu…

The aggregate payment by the State into the Retirement Allowance Fund for state employees and teachers must be at least sufficient, when combined with the amount in the Retirement Allowance Fund, to provide the benefits payable out of the fund and the administrative operating exp…

As used in this article, unless the context otherwise indicates, the following terms have the following meanings. [PL 2007, c. 240, Pt. RRR, §2 (NEW).] 1. Commissioner. "Commissioner" means the Commissioner of Administrative and Financial Services. 2. Investment trust fund. "Inve…

1. Investment trust fund established. The Retiree Health Insurance Post-employment Benefits Investment Trust Fund is established as an irrevocable trust for the sole purpose of holding and investing funds appropriated or otherwise provided to the investment trust fund for the ben…

Notwithstanding that Article 9 is placed in the Maine Revised Statutes in Part 20, chapter 421, subchapter 4, any reference to "Part," "in this Part," "under this Part" or similar wording in Part 20 is inapplicable to every provision in this article. Article 9 stands apart from a…

1. Administration. The trustees of the investment trust fund may delegate to the chief executive officer, Chief Investment Officer or other staff of the system as appropriate the responsibility to carry out, as directed by the trustees of the investment trust fund, the administra…