Montana Code 19-9-1205. Retirement system contributions — benefit payments to individual DROP accounts — investment returns
Current as of: 2023 | Check for updates
|
Other versions
19-9-1205. Retirement system contributions — benefit payments to individual DROP accounts — investment returns. (1) During a member’s participation in the DROP, state contributions under 19-9-702, employer contributions under 19-9-703, and member contributions under 19-9-710 must continue to be made to the retirement system.
Terms Used In Montana Code 19-9-1205
- DROP: means the deferred retirement option plan established pursuant to this part. See Montana Code 19-9-1202
- DROP account: means the member's accumulated monthly DROP accruals, including any postretirement adjustments, plus interest. See Montana Code 19-9-1202
- Participant: means a member of the retirement system who has elected to participate in the DROP pursuant to this part. See Montana Code 19-9-1202
- 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
(2)For each DROP participant, the board shall calculate a monthly DROP accrual and the contribution to the participant’s DROP account.