94- 411 C.M.R. ch. 303, § 2

Current through 2024-50, December 11, 2024

Section 411-303-2 - APPLICABILITY

1. Since the inception of the Maine Public Employees Retirement System, upon the advice and recommendation of the System's actuaries and on an as-needed basis, the Board of Trustees has adopted actuarial factors tables as required for the administration of the various plans for which it is responsible at regularly scheduled, public, duly noticed Board meetings. Except for those events to which Chapter 510 applies, in relation to events with effective dates through September 30, 2001, the System shall use the following actuarial factors tables in making various actuarial calculations and determinations and in deriving other actuarial factors tables required for plan administration:

1. State Employee Unisex Table;

2. Teacher Unisex Table;

3. PLD Employee Unisex Table with COLA;

4. PLD Employee Unisex Table without COLA;

5. Option 1 Factors - Unisex Table;

6. Options 2 and 3 Factors Table;

7. Former "Option 4" (Current "Option 5") Factors Tables for Representative Percentage Splits for Benefits: 80/20 and 90/10;

8. Option 4, 6, 7 & 8 Factors Table for use through 9/30/01 for all employees except judges;

9. Option 4, 6, 7 & 8 Factors Table for use through 9/30/01 for judges;

10. Table A - Single Life Annuity;

11. Table B - Joint Life Annuity;

12. QDRO Annuities Unisex with COLA and without COLA;

13. Normal Contribution Table - with COLA;

14. Normal Contribution Table - without COLA;

15. Table of Immediate Annuity Values - (PLD Employee Plan with COLA);

16. Table of Immediate Annuity Values - (PLD Employee Plan without COLA);

17. Table of Immediate Annuity Values - (Teacher);

18. Table of Immediate Annuity Values - (State employee);

19. Table of Annuity Values Per $1 Yearly Benefit, Payable Monthly - (Plan with COLA);

20. Table of Annuity Values Per $1 Yearly Benefit, Payable Monthly - (Plan without COLA);

21. Table to Calculate Cost of Earnable Compensation in Excess of Cap;

22. Unisex Generalized Non-Disabled Factor Table - (Plan with COLA);

23. Unisex Generalized Non-Disabled Factor Table - (Plan without COLA); and

24. Age Reduction Tables.

The above references to "state employee" include members of the Legislative and Judicial Retirement Programs. These factors tables are incorporated by reference into this Chapter and are attached for reference.

2. Except for those events to which Chapter 510 applies, in making various actuarial determinations and calculations in relation to events with effective dates of October 1, 2001 through June 30, 2007, the System shall use the following updated actuarial factors tables, recommended by the System's actuaries, as the basis for both actuarial calculations and determinations and the deriving of other actuarial factors tables required for plan administration:

1. Basic Annuity Factors Table - Table AA;

2. Joint Life Factors Table - Table BB;

3. Normal Contribution Table for Special Plans with COLA - Table C.1;

4. Normal Contribution Table for Special Plans without COLA - Table C.2;

5. Option 1 Factors - Table 1.0; and

6. Age Reduction Tables.

These factors tables are incorporated by reference into this Chapter and are attached for reference.

3. Except for those events to which Chapter 510 applies, in making various actuarial determinations and calculations in relation to events with effective dates of July 1, 2007 or later, the System shall use the tables as referenced in Section 2 as amended effective July 1, 2006.

4. Any actuarial factors tables required by the System for actuarial calculations and determinations that cannot be derived from the factors tables that are a part of this Chapter will be derived using methodologies recommended by the System's actuaries. Upon such recommendation of the System's actuaries, and in circumstances that are both unusual and infrequent, the System may use such actuarial factors tables without amending this Chapter. Any such use must be approved in advance by the Board of Trustees when possible or affirmed after the fact by the Board of Trustees and must be clearly documented in the official minutes of the public meeting of the Board at which the use was approved or affirmed.

94- 411 C.M.R. ch. 303, § 2