LD 1850
pg. 2
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LR 2922
Item 1

 
Sec. 3. 5 MRSA §17805-A, sub-§1, as amended by PL 2001, c. 118, §7, is
further amended to read:

 
1. Election of benefit for different beneficiary. The
recipient may elect to have the reduced retirement benefit paid
under the same option to a different beneficiary except when the
former spouse is named as retirement beneficiary at the time the
divorce is granted, in which case the election may be made only
under the following conditions:

 
A. The spouse or former spouse who was originally named as
retirement beneficiary must have been the sole beneficiary
of the reduced retirement benefit under section 17804,
subsection 3, 4, 5-A, 5-B, 5-C, 5-D or 5-E; and

 
B. The recipient and the spouse or former spouse who was
originally named retirement beneficiary must agree to the
change of beneficiary. Prior to this agreement, the
executive director shall ensure that the spouse or former
spouse who was originally named as retirement beneficiary
has been counseled by an employee of the retirement system
regarding the financial effect of giving up rights as a
beneficiary and has signed a statement that the information
has been received and understood.

 
Sec. 4. 5 MRSA §18405-A, sub-§1, as amended by PL 2001, c. 118, §11,
is further amended to read:

 
1. Election of benefit for different beneficiary. The
recipient may elect to have the reduced retirement benefit paid
under the same option to a different beneficiary except when the
former spouse is named as retirement beneficiary at the time the
divorce is granted, in which case the election may be made only
under the following conditions:

 
A. The spouse or former spouse who was originally named as
retirement beneficiary must have been the sole beneficiary
of the reduced retirement benefit under section 18404,
subsection 3, 4, 5-A, 5-B, 5-C, 5-D or 5-E; and

 
B. The recipient and the spouse or former spouse who was
originally named retirement beneficiary must agree to the
change of beneficiary. Prior to this agreement, the
executive director shall ensure that the spouse or former
spouse who was originally named as retirement beneficiary
has been counseled by an employee of the retirement system
regarding the financial effect of giving up rights as a
beneficiary and has signed a statement that the information
has been received and understood.


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