Terms Used In Montana Code > Title 19 > Chapter 20 > Part 10 - Death Benefits

• 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
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affidavit: means a sworn written declaration made before an officer authorized to administer oaths or an unsworn written declaration made under penalty of perjury as provided in 1-6-105. See Montana Code 1-1-203
• Alternate beneficiary: means an estate or an individual not designated as a beneficiary but that becomes a beneficiary pursuant to 19-20-1005. See Montana Code 19-20-101
• 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.
• 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}
• Beneficiary designation: means the process that the retirement system prescribes pursuant to this chapter by which a person authorized by law designates one or more beneficiaries. See Montana Code 19-20-101
• Beneficiary designation record: means either the hard copy form or electronic record prescribed by the retirement system and used by a person authorized by law to designate one or more beneficiaries. See Montana Code 19-20-101
• Benefit recipient: means a retired member, a joint annuitant, or a beneficiary who is receiving a retirement allowance. See Montana Code 19-20-101
• Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
• Contingent beneficiary: means a designated beneficiary with the right to receive any benefit or refund of accumulated contributions payable if there is no eligible primary beneficiary. See Montana Code 19-20-101
• Decedent: A deceased person.
• Designated beneficiary: means one or more primary beneficiaries or contingent beneficiaries designated pursuant to 19-20-1006. See Montana Code 19-20-101
• Executor: A male person named in a will to carry out the decedent
• Grantor: The person who establishes a trust and places property into it.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Individual: means a human being. See Montana Code 19-20-101
• 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
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Member: means a person who has an individual account in the annuity savings account. See Montana Code 19-20-101
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• 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
• Probate: Proving a will
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• retiree: means a person who is considered in retired member status under the provisions of 19-20-810. 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
• terminate: means that the employment relationship between the member and the member's employer has been terminated as required in 19-20-810. See Montana Code 19-20-101
• Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
• 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
• Writing: includes printing. See Montana Code 1-1-203