19-20-201. Administration by retirement board — jurisdiction and venue for judicial review. (1) The retirement board shall administer and operate the retirement system within the limitations prescribed by this chapter, and it is the duty of the retirement board to:

Terms Used In Montana Code 19-20-201

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • board: means the retirement system's governing board provided for in 2-15-1010. See Montana Code 19-20-101
  • 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.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • Regular interest: means interest at a rate set by the retirement board in accordance with 19-20-501(2). See Montana Code 19-20-101
  • 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
  • Venue: The geographical location in which a case is tried.

(a)establish rules necessary for the proper administration and operation of the retirement system;

(b)approve or disapprove all expenditures necessary for the proper operation of the retirement system;

(c)keep a record of all its proceedings, which must be open to public inspection;

(d)submit a report to the office of budget and program planning detailing the fiscal transactions for the 2 fiscal years immediately preceding the report due date, the amount of the accumulated cash and securities of the retirement system, and the last fiscal year balance sheet showing the assets and liabilities of the retirement system;

(e)keep in convenient form the data that is necessary for actuarial valuation of the various funds of the retirement system and for checking the experience of the retirement system;

(f)prepare an annual valuation of the assets and liabilities of the retirement system that includes an analysis of how market performance is affecting the actuarial funding of the retirement system;

(g)require the board’s actuary to conduct and report on a periodic actuarial investigation into the actuarial experience of the retirement system;

(h)prescribe a form for membership application that will provide adequate and necessary information for the proper operation of the retirement system;

(i)annually determine the rate of regular interest as prescribed in 19-20-501;

(j)establish and maintain the funds of the retirement system in accordance with the provisions of part 6 of this chapter; and

(k)perform other duties and functions as are required to properly administer and operate the retirement system.

(2)In discharging its duties, the board, or an authorized representative of the board, may conduct hearings, administer oaths and affirmations, take depositions, certify to official acts and records, and issue subpoenas to compel the attendance of witnesses and the production of books, papers, correspondence, memoranda, and other records. Subpoenas must be issued and enforced pursuant to 2-4-104.

(3)The board may send retirement-related material to employers and the campuses of the Montana university system for delivery to employees. To facilitate distribution, employers and those campuses shall each provide the board with a point of contact who is responsible for distribution of the material provided by the board.

(4)The board shall make available to the state administration and veterans’ affairs interim committee and to the legislature pursuant to 5-11-210 copies of the annual actuarial valuation and reports required pursuant to subsections (1)(d), (1)(f), and (1)(g).

(5)Jurisdiction and venue for judicial review of the board’s final administrative decisions is the judicial district in which the appealing party resides or, if the person resides outside the state, the first judicial district, Lewis and Clark County.

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