Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 411 - MAINE PUBLIC EMPLOYEES RETIREMENT SYSTEM (MAINEPERS) › Chapter 510 - REDUCTION OF DISABILITY RETIREMENT BENEFITS BECAUSE OF LUMP-SUM SETTLEMENTS OF BENEFITS PAYABLE UNDER THE WORKERS' COMPENSATION OR SIMILAR LAW OR THE UNITED STATES SOCIAL SECURITY ACT › Section 411-510-1 - DEFINITIONS

Current through 2024-29, July 17, 2024
1.
Accumulated Contributions
.
				The term "accumulated contributions" as used in this Chapter means the amount
				of "accumulated contributions" calculated pursuant to the provisions of the
				applicable Retirement System plan, as of the effective date of the recipient's
				entitlement to Retirement System disability retirement benefits.
2.
Actuarial Equivalent of Accumulated
				Contributions
. "Actuarial Equivalent of Accumulated Contributions" as
				used in this Chapter means the recipient's accumulated contributions at the
				time of his or her disability retirement divided by the "annuity factor for
				recipient's age at retirement" as calculated pursuant to Section
				5.2, and then converted to a monthly
				amount by dividing by twelve.
3.
Actuarial Equivalent of the Lump-Sum Settlement
. "Actuarial
				Equivalent of the Lump Sum Settlement" as used in this Chapter means the amount
				of the "lump-sum settlement" divided by the "annuity factor for recipient's age
				at effective date of lump-sum settlement" calculated pursuant to Section
				5.3, and then converted to a monthly
				amount by dividing by twelve.
4.
Average Annual Earnings.
"Average Annual Earnings" means the
				total of the person's average final compensation plus other wages and earnings
				from employment for the calendar year in which the person has the highest total
				of other wages and earnings from employment during the 5 years immediately
				preceding the year in which the person became disabled.
5.
Average Final Compensation
.
				"Average Final Compensation" as used in this Chapter means the amount of
				"average final compensation" calculated pursuant to the provisions of the
				applicable Retirement System plan, as of the effective date of the recipient's
				entitlement to Retirement System disability retirement benefits.
6.
Initial Disability Retirement
				Benefit
. "Initial disability retirement benefit" as used in this Chapter
				means the monthly disability retirement benefit, not reduced because of
				disability benefits received under other laws, payable to the recipient as of
				the effective date of his or her entitlement to Retirement System plan
				disability retirement benefits, calculated pursuant to the applicable
				Retirement System plan provisions.
7.
Lump-Sum Balance
. "Lump-Sum
				Balance" as used in this Chapter in a given month means the sum of the lump-sum
				settlement and interest for that month and all prior months subject to
				reduction pursuant to this Chapter less the reduction amount determined
				pursuant to Section
				4.1 for that month and all prior
				months subject to reduction pursuant to this Chapter.
8.
Lump-Sum Settlement
.
				"Lump-sum settlement" as used in this Chapter means the amount paid or to be
				paid pursuant to a settlement agreement under the workers' compensation law
				and/or similar law and/or the United States Social Security Act for the same
				disability for which Retirement System plan disability retirement benefits are
				awarded, but not including any part of the lump-sum settlement amount
				attributable to vocational rehabilitation, attorneys', physicians', nurses',
				hospital, medical, surgical or related fees or charges or any amount paid or
				payable under former Title 39, section
				56-B for permanent impairment or
				under Title 39-A, section
				212, subsection
				3 for specific loss benefits.
				"Lump-sum settlement" includes amounts paid or to be paid under the United
				States Social Security Act only if the employment for which Retirement System
				creditable service with the employer is allowed was also covered under that Act
				at the date of disability retirement.
9.
Lump-Sum Settlement
				Agreement
. A "Lump-Sum Settlement Agreement" as used in this Chapter is
				an agreement, signed or otherwise approved by the approving authority,
				describing payment of the lump-sum settlement.
10.
Retirement System Plan
.
				"Retirement System plan" as used in this Chapter means a benefit plan of the
				Maine Legislative Retirement System, Maine Judicial Retirement System, or the
				Maine State Retirement System. Benefit plans of the Maine State Retirement
				System include benefits for eligible state employees, teachers, and
				Participating Local District ("PLD") members.