LD 1470
pg. 1
LD 1470 Title Page An Act To Give Retirement Credits to Judges Who Have Served in the Legislature ... Page 2 of 2
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LR 2071
Item 1

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. 4 MRSA §1302, sub-§3-A is enacted to read:

 
3-A.__Maine Legislative Retirement System service. Creditable
service as a member of the Maine Legislative Retirement System
pursuant to Title 3, chapter 29 must be allowed as creditable
service of the Maine Judicial Retirement System as follows.

 
A.__Any member who has not withdrawn that member's
accumulated contributions with the Maine Legislative
Retirement System may, upon appointment as a judge, have
that member's Maine Legislative Retirement System
contributions and membership service transferred to that
member's account with the Maine Judicial Retirement System
and all creditable service resulting from that member's
membership in the Maine Legislative Retirement System is
creditable service in the Maine Judicial Retirement System.

 
All funds in the Maine Legislative Retirement System
contributed by the employer on account of the member's
employment must be transferred to the Maine Judicial
Retirement System and must be used to liquidate the
liability incurred by reason of the member's previous
employment. The State shall make such contributions, from
time to time, as may be necessary to provide the benefits
under the Maine Judicial Retirement System for the member as
have accrued by reason of that member's previous employment
and may accrue by reason of membership in the Maine Judicial
Retirement System.

 
B.__Any member who has withdrawn that member's accumulated
contributions from the Maine Legislative Retirement System may,
subsequent to appointment as a judge and prior to the date any
retirement allowance becomes effective for that member, deposit
in the fund by a single payment or by an increased rate of
contribution an amount equal to the accumulated contributions
withdrawn by that member together with interest at 2% greater
than regular interest from the date of withdrawal to the date of
repayment. If repayment is made in installments, interest
continues to accrue on the outstanding balance.__The member is
entitled to all creditable service acquired during the previous
membership. In the event any retirement allowance becomes
effective before repayment is completed, the member is entitled
to credit for that portion of the total of such previous
creditable service that the total amount of payments actually
made bears to the total amount, including interest at 2% greater
than regular interest from the date


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