Sec. 1. 20-A MRSA §12722, sub-§2, ķA, as enacted by PL 1997, c. 763, §4 and affected by §7, is amended to read:

A. An eligible person who is employed by the system, its colleges or subsidiaries on August 31, 1998 or on the last day of the month in which authorization pursuant to subsection 1 occurs, whichever is later, may make a one-time irrevocable election to participate in the defined contribution plan offered by the board of trustees instead of any plan offered by the Maine State Retirement System. Any information regarding an employee's membership in the Maine State Retirement System that is needed for this election must be requested from the Maine State Retirement System by an eligible person no later than November 30, 1998 or 90 days following the date of authorization pursuant to subsection 1, whichever is later 270 days following adjournment of the First Regular Session of the 120th Legislature, except that an eligible person may decline in writing to the employing institution to request information from the Maine State Retirement System pursuant to this subsection. An eligible person who chooses to make an election pursuant to this subsection shall make that election in writing no later than 90 days following the mailing by the Maine State Retirement System to that person of the requested membership information or the date the eligible person declines in writing to request the information and shall file notice of that election with the administrative officer of the employing institution. The employing institution shall notify the Maine State Retirement System of the election in accordance with procedures established by the Executive Director of the Maine State Retirement System. This notification must specify the date on which the person's participation in the defined contribution plan is effective.

SUMMARY

This bill extends the option to certain employees of the Maine Technical College System to participate in a defined contribution retirement plan to 180 days, approximately 6 months, after the effective date of this bill.