(2) Does not apply to any member who begins membership on or after January 1, 1976.

Sec. 7. 5 MRSA §18360, sub-§2, ķI, as enacted by PL 2001, c. 114, §6, is amended to read:

I. A member who fails to meet one or more of the terms and conditions required under paragraphs A, and D and E may purchase service credit as provided in this paragraph. The member must have at least 5 years of creditable service and, before any retirement benefit becomes effective for that member, must pay into the Members' Contribution Fund, by a single direct payment or annual direct payments to the retirement system, an amount that, together with regular interest on that amount, is the actuarial equivalent, at the effective date of the retirement benefit, of the portion of the retirement benefit based on the additional creditable service. Annual direct payments must be made in accordance with section 17701, subsection 4. Any member who purchases service credit under this paragraph who subsequently, without inclusion of the purchased service credit and prior to retirement, meets the terms and conditions of paragraphs A, and D and E is entitled to purchase the service credit under section 18311, subsection 2 and to receive a refund of the amount paid under this paragraph that exceeds the cost to purchase the service credit under section 18311.

SUMMARY

Public Law 2001, chapter 114 enacted an exception to the law to allow members of the Maine State Retirement System who didn't have the necessary service during a "federally recognized period of conflict" to buy back service credit for service in the United States Armed Forces by paying the actuarial cost of the portion of the retirement benefit based on the additional creditable service. This bill instead merely removes the requirement that members seeking to buy back service credit for service in the United States Armed Forces have served in a federally recognized period of conflict to be eligible to purchase military service credit.