§17851-D. Special plan for firefighters in employment of Department of Defense, Veterans and Emergency Management at Bangor International Airport
1.
Establishment and applicability.
Effective October 1, 2026, there is established a special retirement plan for firefighters in the employment of the Department of Defense, Veterans and Emergency Management at Bangor International Airport, referred to in this section as "the special plan." The special plan applies to firefighters in the employment of the Department of Defense, Veterans and Emergency Management at Bangor International Airport on or after July 1, 1998, if the Federal Government pays annually to the retirement system the full employer cost of the participation of these employees.
[PL 2025, c. 759, §2 (NEW).]
2.
Qualification for benefits.
A member employed under subsection 1 qualifies for a service retirement benefit after completing 25 years of creditable service in that capacity, whether or not the creditable service included in determining that the 25-year requirement has been met was earned under the special plan established in this section or prior to its establishment.
[PL 2025, c. 759, §2 (NEW).]
3.
Purchase of service credit to be used for qualification for benefits.
This subsection governs the use of purchased service credit in order to qualify for benefits under this section. For the purpose of meeting the qualification requirement of subsection 2:
A.
Service credit purchased by repayment of an earlier refund of accumulated contributions following termination of service is included if the time to which the refund relates was served in the position described in subsection 1, regardless of whether the time was served before or after the establishment of the special plan;
[PL 2025, c. 759, §2 (NEW).]
B.
Service credit purchased under section 17760 is considered service under the special plan; and
[PL 2025, c. 759, §2 (NEW).]
C.
Service credit purchased other than as provided under paragraphs A and B is not included.
[PL 2025, c. 759, §2 (NEW).]
[PL 2025, c. 759, §2 (NEW).]
4.
Computation of benefits.
The amount of the service retirement benefit for members qualified under subsection 2 is 1/2 of the member's average final compensation and an additional 2% of the member's average final compensation for each year of membership service not included in determining qualification under subsection 2.
[PL 2025, c. 759, §2 (NEW).]
5.
Contributions.
Notwithstanding any provision of subchapter 3 to the contrary, after September 30, 2026, a member in a position described in subsection 1 shall contribute to the State Employee and Teacher Retirement Program or have pick-up contributions made at the rate of 8.65% of earnable compensation until the member has completed 25 years of creditable service as provided in this section and at the rate of 7.65% thereafter.
[PL 2025, c. 759, §2 (NEW).]
SECTION HISTORY
PL 2025, c. 759, §2 (NEW).