Montana Code 19-20-1202. Correction of errors
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19-20-1202. Correction of errors. The retirement system shall correct errors and, as far as practicable, shall:
Terms Used In Montana Code 19-20-1202
- Actuarial equivalent: means a benefit of equal value when computed upon the basis of the mortality table and interest rate assumption set by the retirement board. See Montana Code 19-20-101
- Benefit recipient: means a benefit recipient as defined in 19-20-101, an alternate payee, or any other person or entity that is entitled to a future payment or that received an overpayment on behalf of the member. See Montana Code 19-20-1201
- Member: means a person who has an individual account in the annuity savings account. See Montana Code 19-20-101
- overpayment: means the total amount of all monthly retirement benefits or other amounts paid by the retirement system on behalf of a member due to an error. See Montana Code 19-20-1201
- Unpaid contributions: means the total amount of all monthly contributions or other contribution amounts not received by the retirement system due to an error. See Montana Code 19-20-1201
(1)in the case of underpaid benefits, adjust future benefit payments so the actuarial equivalent of the benefit to which the member or benefit recipient is correctly entitled will be paid;
(2)in the case of overpaid contributions, refund the excess contributions;
(3)in the case of unpaid contributions, recover the amounts owed for unpaid contributions; and
(4)in the case of overpaid benefits, recover the amounts owed for overpayment.