A person who makes the election provided in section 17851, subsection 12 or 12-A at any time after the date on which the person is first employed as a law enforcement officer at the Baxter State Park Authority must include interest at a rate to be set by the board not to exceed regular interest by 5 or more percentage points, applied as of the date on which the person was first employed in that capacity to the contributions the person would have paid or had picked up by the employer had the person elected that option at the date of first employment.

This subsection is effective November 1, 1995. Election Except as otherwise provided in this subsection, election to retire under this subsection is a one-time irrevocable election. A With regard to an election of the option provided under section 17851, subsection 12, a person who was first employed as a law enforcement officer at the Baxter State Park Authority on or after November 1, 1995 must make the election no later than 90 days after the date of first employment. A With regard to an election of the option provided under section 17851, subsection 12 a person who was first employed in that capacity before November 1, 1995 must make the election no later than January 1, 1997. A person who was first employed as a law enforcement officer at the Baxter State Park Authority on or after November 1, 1999 must make the election under this subsection no later than 90 days after the date of first employment.__A person who was first employed in that capacity before November 1, 1999 and who wishes to change the election made to an election of the option provided under section 17851, subsection 12-A must make that election no later than January 1, 2001.

Sec. 3. 5 MRSA §17852, sub-§12, as enacted by PL 1995, c. 624, §12, is amended to read:

12. Baxter State Park Authority rangers exercising options; retirement before 55 or 50 years of age. For a person exercising the option provided in section 17851, subsection 12 or 12-A, who makes the payments required in subsection 11, and who retires before reaching 55 years of age or 50 years of age, as applicable, the retirement benefit is determined as follows.

A. For members with 10 years of creditable service on July 1, 1993, the retirement benefit is determined in accordance with subsection 1, except that:

(1) The amount arrived at under subsection 1 is reduced by applying to that amount the percentage that a life annuity due at 55 years of age or 50 years of age, as applicable, bears to the life annuity due at the age of retirement; and