| | | For those members to whom the 5-year minimum creditable service | | requirement does not apply, the 10-year minimum creditable | | service requirement for eligibility to receive service retirement | | benefits remains in effect on and after October 1, 1999. |
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| | | Sec. 8. 4 MRSA §1351, sub-§3, as amended by PL 1993, c. 410, Pt. L, | | §7, is further amended to read: |
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| | | 3. Early retirement; at least 10 years of creditable service | on July 1, 1993. Any member who | | retirement, who on July 1, 1993 had at least 10 years of | | creditable service and who has completed at least 25 years of | | creditable service may retire any time before the member's 60th | | birthday. The retirement allowance is determined in accordance | | with section 1352, except that it is reduced by multiplying the | | retirement allowance by a fraction that represents the ratio of | | the amount of a life annuity due at age 60 to the amount of a | | life annuity due at the age of retirement. The tables of | | annuities in effect at the date of retirement are used for this | | purpose. |
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| | This subsection applies to members who, on July 1, 1993, have 10 | years of creditable service. | | creditable service under this subsection only, creditable service | | includes time during which a member participated in the voluntary | | cost savings plan or the voluntary employee incentive program, | | authorized by Public Law 1989, chapter 702, section F-6 and | | Public Law 1991, chapter 591, Part BB and chapter 780, Part VV or | | creditable service available to a member that the member was | | eligible to purchase on June 30, 1993 and that the member does | | purchase in accordance with rules adopted by the board. |
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| | | Sec. 9. 4 MRSA §1351, sub-§3-A, as repealed and replaced by PL 1993, | | c. 410, Pt. L, §8, is amended to read: |
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| | | 3-A. Early retirement; less than 10 years creditable service | | on July 1, 1993. Any member whether or not in service at | | retirement who on July 1, 1993 had less than 10 years of | | creditable service and who has completed at least 25 years of | | creditable service may retire any time before the member's 62nd | | birthday. The retirement allowance is determined in accordance | | with section 1352, except that the benefit is reduced by 6% for | | each year that the member's age precedes age 62. |
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| | This subsection applies to members who, on July 1, 1993, do not | have 10 years of creditable service. |
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| | | Sec. 10. 5 MRSA §17851, sub-§1-B, as enacted by PL 1999, c. 489, §7, | | is amended to read: |
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