§18305-C. Back contributions for certain days off without pay

Link to law: http://legislature.maine.gov/legis/statutes/5/title5sec18305-C.html
Published: 2015

§18305-C. Back contributions for certain days off without pay








1. Election. 
If the retirement system determines at the time a member retires that the member's
benefit would be increased as a result of the inclusion of compensation that would
have been paid for days off without pay in fiscal year 2009-10 or 2010-11, or a combination
thereof, as provided in section 17001, subsection 4, paragraph A, the retirement system
shall advise the member of that result and shall allow the member to elect to have
that compensation included in the calculation of the member's benefit and to make
payments as set forth in subsection 2.


[
2009, c. 630, §2 (NEW)
.]








2. Payment. 
The amount that a member who makes the election permitted in subsection 1 must pay
is the amount equal to the employee contribution that member would have made on compensation
that would have been paid to that member on the days off without pay during fiscal
year 2009-10 or 2010-11, or a combination thereof, as provided in section 17001, subsection
4, paragraph A, plus interest at the same rate as that required for repayment of withdrawn
contributions pursuant to section 18304. If the member elects to make the payment,
the retirement system shall withhold the required amount from the member's first retirement
benefit check.


[
2009, c. 630, §2 (NEW)
.]








3. Benefit calculation. 
If a member fails to make the election within 31 days of the notification provided
under subsection 1, the retirement system shall calculate the member's retirement
benefit without inclusion of compensation that would have been paid for days off without
pay during fiscal year 2009-10 or 2010-11, or a combination thereof, as provided in
section 17001, subsection 4, paragraph A.


[
2009, c. 630, §2 (NEW)
.]





SECTION HISTORY

2009, c. 630, §2 (NEW).
Read Entire Law on legislature.maine.gov