Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 411 - MAINE PUBLIC EMPLOYEES RETIREMENT SYSTEM (MAINEPERS) › Chapter 302 - RETIREMENT INCENTIVES › Section 411-302-5 - Projection of Employer's Liability

Current through 2024-29, July 17, 2024
A. Request for
				Projection. An employer may request that the System project the employer's
				liability for additional actuarial costs associated with the potential offering
				of one or more early retirement incentives to a potential member or group of
				members. The employer must provide in writing to the System all known facts
				about the potential early retirement incentive(s) including identification by
				name and social security number of all possible persons could take advantage of
				such an incentive. The System will first provide to the employer an estimate of
				the System's costs for preparing the projection of liability. After receiving
				the estimate, the employer shall indicate in writing that the employer desires
				the projection of liability to be done.
B. Processing Fee. Subject to review and
				approval by the Board, the Executive Director will establish and may revise
				from time to time an administrative processing fee that will be paid at the
				time a request for a projection of the employer's liability is made. The fee
				will be based on the time required for preparing an estimate of the costs for
				projecting the employer's liability, will be reasonable, and will not be set at
				a level which requires the System's members and employers as whole to subsidize
				the cost of preparing the estimate. The fee must be paid at the time a request
				for a projection is made and before the System prepares an estimate of the
				System's costs for preparing the projection of liability.
C. Estimate of System's Administrative Costs.
				The System will base the estimate of its administrative costs for preparing a
				projection of liability on an hourly administrative cost rate for the System,
				as established by the Executive Director subject to review and approval by the
				Board, and will include an estimate of the System's actual costs for actuarial
				and legal services. Costs associated with development of information on an
				expedited basis or advanced schedule will also be included in the estimate of
				the System's costs, if the employer has requested that the work be done on an
				expedited basis. The employer must pay in advance the estimated administrative
				costs for preparing the projection of liability.
D. Preparation of Projection. Once the
				processing fee has been paid and the employer has paid in advance to the System
				the System's estimated administrative costs, the System shall prepare the
				projection of the employer's liability. This projection of liability may be
				made on the information available at the System at the time of the request or
				on updated information, at the discretion of the System. The estimate may be
				based on reasonably imputed earnable compensation on a member-specific basis as
				determined by the System. The projection represents an estimate of employer
				liability; different actuarial costs on a member-specific basis may be computed
				in accordance with Section 4 at the actual retirement of individual
				members.
E. Payment of Final Costs.
				Upon completion of the work by the System, the System will present a final bill
				reflecting the System's actual costs for the projection of liability and the
				employer must pay this bill within thirty (30) days of receipt of the bill.
				Interest will be charged by the System on overdue amounts. In addition, an
				employer who fails to pay is liable for penalties as recommended on a case by
				case basis by the Executive Director and approved by the Board of Trustees and
				shall pay all of the System's costs associated with collection of amounts
				overdue and/or enforcement of this rule. If the actual costs are less than the
				estimated costs already paid, the difference will be refunded to the employer
				by the System.