An Act To Clarify the Composition of the Advisory Council on Tax-deferred Arrangements
Sec. 1. 5 MRSA §884, first ¶, as amended by PL 2001, c. 503, §1, is further amended to read:
The Advisory Council on Tax-deferred Arrangements, established by section 12004-I, subsection 25, shall meet at least once a year, review the operations of the arrangements program and advise the Department of Administrative and Financial Services on matters of policy relating to the activities under the arrangements program. Members of the advisory council are entitled to compensation as provided in chapter 379. All appointed or elected members serve at the pleasure of their the appointing or electing authorities authority. The advisory council consists of 10 12 members as follows.
Sec. 2. 5 MRSA §884, sub-§3, as amended by PL 2001, c. 503, §2, is further amended to read:
Employee representatives are appointed for terms of 3 years , except that of the first appointments, one must be for one year, one for 2 years and one for 3 years.
Sec. 3. Terms. Notwithstanding the Maine Revised Statutes, Title 5, section 884, subsection 3, current employee representatives of the Advisory Council on Tax-deferred Arrangements shall continue serving for the remainder of the terms of their appointments, and additional employee representatives appointed pursuant to Title 5, section 884, subsection 3, paragraphs E and F shall serve terms of 3 years.