Maine § 805-B. - Inactive accounts
Full text of Maine Maine Revised Statutes § 805-B. — Inactive accounts, with citation guidance and answers to common questions.
§ 805-B.. Inactive accounts
1. Conditions for refund. The retirement system may make an automatic refund of contributions to a member who has not properly applied for a refund as provided in section 805-A and who has terminated service, except by death or by retirement under this chapter, and who has not met the minimum creditable service requirement for eligibility to receive a service retirement benefit at the applicable age under the following conditions:
A. The member account in the retirement system has been inactive for 3 or more years; [PL 2007, c. 137, §4 (NEW).]
B. Only accumulated contributions made by the member or picked up by the employer may be refunded to that member under this subsection; and [PL 2007, c. 137, §4 (NEW).]
C. A member who receives an automatic refund under this subsection may, within 30 days of the issuance of the refund, return the full refunded amount to the retirement system. Upon receipt, the retirement system shall restore the accumulated contributions to the member's credit. [PL 2007, c. 137, §4 (NEW).]
Pursuant to the Code, Section 401(a)(31)(B), the amount of an automatic refund under this section may not exceed $1,000.
Frequently Asked Questions About Maine § 805-B.
What does Maine Revised Statutes § 805-B. cover?
Section 805-B. ("Inactive accounts") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 805-B.?
A common citation format is "Maine Revised Statutes § 805-B." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 805-B. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.