Montana Code 19-18-503. Fund to be soundly funded
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19-18-503. Fund to be soundly funded. (1) Each disability and pension fund must be soundly funded at fiscal yearend. The fund is soundly funded if, subject to subsection (2):
Terms Used In Montana Code 19-18-503
- 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.
(a)assets in the fund are maintained at a level equal to at least three times but no more than five times the benefits paid by the fund in the previous or current fiscal year, whichever is greater; or
(b)funding is maintained at a level determined by an actuarial valuation to be sufficient to keep the fund actuarially sound.
(2)An actuarial valuation may be requested only by a city, town, or association.