Section 411-302-1 - DefinitionsA. Additional Actuarial Costs. For purpose of Section 4 only, "additional actuarial costs" means the sum of dollars that represents the difference, expressed in present value terms, between the fully actuarially reduced benefit and the benefit actually payable on the member's early retirement date.B. Early Retirement. "Early retirement" means retirement before normal retirement age with a reduced retirement benefit as governed by § 17852, sub- §§ 3 or 3-A, 4(C) or 4(C-1) or 10(C) or 10(C-1); § 17857, sub-§ 3-A, § 18452, sub-§ 3; or § 18462, sub-§ 3, in their form as of the effective date of this Chapter or as subsequently amended.C. Early Retirement Incentive. "Early retirement incentive" means a retirement incentive offered and/or provided to a member who takes early retirement.D. Employer. For purpose of Section 4 only, "employer" means for State employees, the department or agency of state government by which the member was last employed prior to retirement; for teacher members, the local school administrative unit by which the member was last employed prior to retirement; and for participating local district employees, the district by which the member was last employed prior to retirement if that district was then in the Consolidated Plan or, if that district was not then in the Consolidated Plan but later joins the Consolidated Plan if a retirement Incentive is structured so that it imposes a cost on other districts under the Consolidated Plan.E. Retirement Incentive, "Retirement incentive" means any significant payment or award, monetary or non-monetary, that is offered or provided by an employer to a member who Is eligible to retire or becomes eligible to retire as a result of the payment or award. This payment or award must be intended to induce or in fact induce the member's retirement, regardless of whether it is received prior or subsequently to the member's retirement. A bonus, stipend, longevity award, consideration for or in response to planned retirement, compensation in lieu of fringe benefits, compensation for sick or vacation leave, and/or other payment or award is a retirement incentive under this rule when it meets all of the criteria articulated in the first two sentences of this subsection. All other terms used in this Chapter, unless the context otherwise indicates, shall have the same definitions as in 5 MRSA §17001.
94-411 C.M.R. ch. 302, § 1