Montana Code 19-20-801. Eligibility for service retirement
19-20-801. Eligibility for service retirement. (1) A tier one member is eligible to receive a service retirement allowance calculated under 19-20-804(1) if the member:
Terms Used In Montana Code 19-20-801
- board: means the retirement system's governing board provided for in 2-15-1010. See Montana Code 19-20-101
- Member: means a person who has an individual account in the annuity savings account. See Montana Code 19-20-101
- Normal retirement age: means an age no earlier than 60 years of age. See Montana Code 19-20-101
- Service: means the performance of duties that would entitle the person to active membership in the retirement system under the provisions of 19-20-302. See Montana Code 19-20-101
- Tier two member: means a person who became a member on or after July 1, 2013, or who, after withdrawing the member's account balance, became a member again after July 1, 2013. See Montana Code 19-20-101
- Vested: means that a member has been credited with at least 5 full years of membership service upon which contributions have been made and has a right to a future retirement benefit. See Montana Code 19-20-101
(a)has been credited with at least 5 full years of creditable service and has attained the age of 60; or
(b)has been credited with full-time or part-time creditable service in 25 or more years.
(2)Except as provided in subsection (3), a tier two member is eligible to receive a service retirement allowance calculated under 19-20-804(1) if the member:
(a)has been credited with at least 5 full years of creditable service and has attained the age of 60; or
(b)has been credited with full-time or part-time creditable service in 30 or more years and has attained the age of 55.
(3)A tier two member who has been credited with 30 or more years of creditable service and has attained the age of 60 is eligible for a professional retirement option allowance calculated under 19-20-804(2).
(4)To receive a retirement allowance under 19-20-804, the member must have terminated employment in all positions reportable to the retirement system and must file a written application with the retirement board.
(5)A vested member who has attained normal retirement age has a nonforfeitable right to the benefits accrued and payable under the provisions of this chapter, subject to the member’s right to a refund of the member’s accumulated contributions under 19-20-603.