19-3-103. Retirement system created — system to consist of two plans. (1) A defined benefit retirement plan is created and established to become effective July 1, 1945.

Terms Used In Montana Code 19-3-103

  • Defined benefit plan: means the plan within the public employees' retirement system established in 19-3-103 that is not the defined contribution plan. See Montana Code 19-3-108
  • retirement system: means the public employees' retirement system established in 19-3-103. See Montana Code 19-3-108

(2)A defined contribution plan is established as provided in part 21 of this chapter.

(3)The public employees’ retirement system consists of the defined benefit plan and the defined contribution plan. Each plan within the system is governed by the applicable provisions of chapter 2 and this chapter.