APPROVED CHAPTER
JUNE 9, 2025 202
BY GOVERNOR PUBLIC LAW
STATE OF MAINE
_____
IN THE YEAR OF OUR LORD
TWO THOUSAND TWENTY-FIVE
_____
S.P. 346 - L.D. 786
An Act to Promote Public Safety and Retain Essential First Responders by
Converting the Maine Length of Service Award Program Trust Fund to a
Nonlapsing Fund
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 5 MRSA §3372, sub-§16, as enacted by PL 2015, c. 352, §1, is amended to
read:
16. Investment of program funds. The board shall establish a program trust fund
within which the funds paid into the program must be deposited. A participant shall select
investments for the amounts credited to the participant's program account from a menu of
investment options. Distributions of accrued service awards must be made from the
program trust fund in accordance with the program provisions. The program trust fund
must be established and maintained in accordance with applicable sections of the United
States Internal Revenue Code. Subject to review and approval by the Treasurer of State,
the program trust fund investment options made available to participants must be selected
by the board. Any unexpended balance in the program trust fund at the end of a year may
not lapse and must be carried forward to be available for expenditure by the board in the
subsequent year for program purposes.
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Statutes affected:
Bill Text ACTPUB , Chapter 202: 5.3372