Montana Code 19-20-802. Early retirement
19-20-802. Early retirement. (1) (a) A vested tier one member who is not eligible for service retirement but has attained the age of 50 is eligible for an early retirement allowance.
Terms Used In Montana Code 19-20-802
- 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
- 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
(b)A vested tier two member who is not eligible for service retirement but has attained the age of 55 is eligible for an early retirement allowance.
(2)A member retiring early under subsection (1) must have terminated employment in all positions reportable to the retirement system and must file a written application with the retirement board.
(3)The early retirement allowance must be determined as prescribed in 19-20-804, with the exception that the allowance will be reduced using actuarially equivalent factors based on the most recent actuarial valuation of the system.