Terms Used In Montana Code > Title 19 > Chapter 20 > Part 1 - General Provisions

• account balance: means the sum of all the amounts deducted from the compensation of a member or paid by a member and credited to the member's individual account in the annuity savings account, together with interest, minus any amount deducted for correction of errors and the aggregate amount of all retirement benefit payments and refunds of accumulated contributions paid to or on behalf of the member. See Montana Code 19-20-101
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• board: means the retirement system's governing board provided for in 2-15-1010. See Montana Code 19-20-101
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Designated beneficiary: means one or more primary beneficiaries or contingent beneficiaries designated pursuant to 19-20-1006. See Montana Code 19-20-101
• Earned compensation: means , except as limited by subsections (12)(b) and (12)(c) or by 19-20-715, remuneration paid for the service of a member out of funds controlled by an employer before any pretax deductions allowed under the Internal Revenue Code are deducted. See Montana Code 19-20-101
• Employer: means :

  (a)the state of Montana;

  (b)a public school district, as provided in 20-6-101 and 20-6-701;

  (c)the office of public instruction;

  (d)the board of public education;

  (e)an education cooperative;

  (f)the Montana school for the deaf and blind, as described in 20-8-101;

  (g)the Montana youth challenge program, as defined in 10-1-101;

  (h)a correctional facility, as defined in 41-5-103;

  (i)the Montana university system;

  (j)a community college; or

  (k)any other agency, political subdivision, or instrumentality of the state that employs a person who is designated a member of the retirement system pursuant to 19-20-302. See Montana Code 19-20-101

• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Full-time service: means service that is:

  (a)at least 180 days in a fiscal year;

  (b)at least 140 hours a month during at least 9 months in a fiscal year; or

  (c)at least 1,080 hours in a fiscal year under an alternative school calendar adopted by a school board and reported to the office of public instruction as required by 20-1-302. See Montana Code 19-20-101

• Individual: means a human being. See Montana Code 19-20-101
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Internal Revenue Code: has the meaning provided in 15-30-2101. See Montana Code 19-20-101
• Joint annuitant: means the one person that a retired member who has elected an optional allowance under 19-20-702(2), (4), or (5) has designated to receive a retirement allowance upon the death of the retired member. See Montana Code 19-20-101
• Knowingly: means only a knowledge that the facts exist which bring the act or omission within the provisions of this code. See Montana Code 1-1-204
• Member: means a person who has an individual account in the annuity savings account. See Montana Code 19-20-101
• Part-time service: means service that is not full-time service. See Montana Code 19-20-101
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• plan: means the teachers' retirement system of the state of Montana provided for in 19-20-102. See Montana Code 19-20-101
• Position reportable to the retirement system: means a position in which an individual performs 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
• Primary beneficiary: means a designated beneficiary with a first right to receive any benefit or refund of accumulated contributions payable upon the death of the individual authorized by law to make the designation. See Montana Code 19-20-101
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• 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
• retirement benefit: means a monthly payment due to a retired member who has qualified for service or disability retirement or due to a joint annuitant or beneficiary. 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
• 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
• Statute: A law passed by a legislature.
• Tier one member: means a person who became a member before July 1, 2013, and who has not withdrawn the member's account balance. 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