§18304. Former members
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. [PL 2007, c. 491, §212 (AMD).]
1. Time. The repayment must be made before the date any retirement benefit becomes effective for the member.
[PL 2003, c. 630, Pt. A, §8 (AMD).]
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.
[PL 2007, c. 491, §213 (AMD).]
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 The amount of repayment must be equal to the accumulated contributions withdrawn by the person plus interest on the amount of those accumulated contributions, beginning on the date of withdrawal to the date the repayment or repayments are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.
[PL 1985, c. 801, §§5, 7 (NEW).]
SECTION 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).
Structure Maine Revised Statutes
TITLE 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 20: STATE RETIREMENT SYSTEM
Chapter 425: PARTICIPATING LOCAL DISTRICTS
5 §18302. Employer contribution
5 §18303. Certification and payment of contributions
5 §18305. Back contributions (REPEALED)
5 §18305-A. Back contributions for optional members (REPEALED)
5 §18305-B. Continued eligibility to purchase service credit
5 §18305-C. Back contributions for certain days off without pay
5 §18306. Refund of accumulated contributions (REPEALED)
5 §18306-A. Refund of accumulated contributions
5 §18307. Inactive accounts (REPEALED)