Montana Code > Title 19 > Chapter 9 > Part 12 – Deferred Retirement Option Plan (DROP)


§ 19-9-1201	Short title
§ 19-9-1202	Definitions
§ 19-9-1203	Deferred retirement option plan established — compliance with federal law — rulemaking
§ 19-9-1204	Eligibility — participation criteria — membership status — service interruptions
§ 19-9-1205	Retirement system contributions — benefit payments to individual DROP accounts — investment returns
§ 19-9-1206	Survivorship benefits
§ 19-9-1207	Employment and benefits after DROP period
§ 19-9-1208	Distribution of DROP benefit

Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
Dependent: A person dependent for support upon another.
DROP: means the deferred retirement option plan established pursuant to this part. See Montana Code 19-9-1202
DROP account: means the member's accumulated monthly DROP accruals, including any postretirement adjustments, plus interest. See Montana Code 19-9-1202
DROP benefit: means the lump-sum benefit calculated and distributed as provided in this part. See Montana Code 19-9-1202
DROP period: means the period of time that a member irrevocably elects to participate in the DROP pursuant to 19-9-1204. See Montana Code 19-9-1202
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Participant: means a member of the retirement system who has elected to participate in the DROP pursuant to this part. See Montana Code 19-9-1202
State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201