§17101. Establishment
1. Purpose. There is established a retirement system, the functions and operations of which are under the supervision of the board, for the purpose of providing retirement allowances and other benefits under this Part for employees.
[PL 1993, c. 410, Pt. L, §14 (AMD).]
2. Name. The retirement system is known as the "Maine Public Employees Retirement System" and by that name all of its business must be transacted, all of its funds invested and all of its cash and securities and other property held in trust for the purpose for which received.
[PL 2007, c. 58, §1 (AMD).]
3. Date of establishment. The date of establishment of the retirement system is:
A. July 1, 1942, for all employees who were employed by the State before July 1, 1947; [PL 1985, c. 801, §§ 5, 7 (NEW).]
B. July 1, 1947, for employees employed for the first time after July 1, 1947; [PL 1985, c. 801, §§ 5, 7 (NEW).]
C. July 1, 1947, for all teachers employed as teachers before July 1, 1947; [PL 1985, c. 801, §§ 5, 7 (NEW).]
D. The date of participation set by the participating local district under section 18201; or [PL 1985, c. 801, §§ 5, 7 (NEW).]
E. The date on which contributions were first made to any retirement system supported in whole or in part by the State, for all other employees. [PL 1985, c. 801, §§ 5, 7 (NEW).]
[PL 1985, c. 801, §§ 5, 7 (NEW).]
4. Corporation.
[PL 1993, c. 410, Pt. L, §15 (RP).]
5. Body corporate and politic. The retirement system is a body corporate and politic and an incorporated public instrumentality of the State and the exercise of powers conferred by this Part are held to be the performance of essential government functions.
[PL 1993, c. 410, Pt. L, §16 (NEW).]
SECTION HISTORY
PL 1985, c. 801, §§5,7 (NEW). PL 1993, c. 410, §§L14-16 (AMD). PL 2007, c. 58, §1 (AMD).
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.