5 §17253. Employer contribution rate
Title 5: ADMINISTRATIVE PROCEDURES AND SERVICES
Part 20: STATE RETIREMENT SYSTEM (HEADING: PL 1985, C. 801, §5 (NEW))
Chapter 421: GENERAL PROVISIONS (HEADING: PL 1985, C. 801, §5 (NEW))
Subchapter 4: FINANCING (HEADING: PL 1985, C. 801, §5 (NEW))
Article 3: RETIREMENT ALLOWANCE FUND (HEADING: PL 1985, C. 801, §5 (NEW))
§17253. Employer contribution rate
The percentage rate of the employer contribution, described in section 17252, to be known as the "employer contribution rate," is fixed on the basis of the assets and liabilities of the retirement programs of the Maine Public Employees Retirement System as shown by actuarial valuation. [2007, c. 491, §91 (AMD).]
1. Computation. The employer contribution rate is determined as the percentage of the members' earnable compensation payable during the members' periods of membership required to provide the difference between the total liabilities for retirement allowances, survivors' benefits and disability retirement benefits not provided by the members' accumulated contributions and the amount of the assets in the Retirement Allowance Fund.
[ 2007, c. 249, §21 (AMD) .]
2. Manner of determination. The employer contribution rate shall be determined after each valuation based on actuarial assumptions adopted by the board and shall continue in force until a new valuation is made.
[ 1985, c. 801, §§5, 7 (NEW) .]
3. Components of unfunded liability contribution. The annual valuation report prepared by the actuary in accordance with section 17107 must include identification of the impact on the employer contribution rate of any excess General Fund revenues transferred to the Retirement Allowance Fund pursuant to section 1532.
[ 2005, c. 2, Pt. A, §10 (AMD); 2005, c. 2, Pt. A, §14 (AFF) .]
SECTION HISTORY
1985, c. 801, §§5,7 (NEW). 1987, c. 739, §§8,48 (AMD). 1995, c. 464, §15 (AMD). 2005, c. 2, §A10 (AMD). 2005, c. 2, §A14 (AFF). 2007, c. 249, §21 (AMD). 2007, c. 491, §91 (AMD).