Amend the bill by inserting after the enacting clause and before section 1 the following:
‘Sec. 1. 5 MRSA §17656, sub-§1, ¶C, as amended by PL 2007, c. 491, §97, is further amended to read:
C. If the new employer makes the election provided under paragraph B, or the member makes the election provided under paragraph D, all funds in the applicable retirement program contributed by the member's former employer on account of the member's previous employment must be transferred to the account of the new employer and must be used to liquidate the liability incurred by reason of the previous employment.’
Amend the bill in section 1 in paragraph D in the 3rd line (page 1, line 6 in L.D.) by striking out the following: " subsection 1" and inserting the following: ' paragraph A'
Amend the bill by inserting after section 1 the following:
‘Sec. 2. 5 MRSA §18253, sub-§1, ¶C, as amended by PL 2007, c. 491, §201, is further amended to read:
C. If the new employer makes the election provided under paragraph B, or the member makes the election provided under paragraph E, all funds in the applicable retirement program contributed by the member's former employer on account of the member's previous employment must be transferred to the account of the new employer and must be used to liquidate the liability incurred by reason of the previous employment.’
Amend the bill in section 2 in paragraph E in the 3rd line (page 1, line 24 in L.D.) by striking out the following: " subsection 1" and inserting the following: ' paragraph A'
Amend the bill by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.
summary
This amendment makes clear that employer contributions are transferred to the new retirement plan when a law enforcement officer or firefighter elects to pay for portability of service and compensation under this bill.