Terms Used In Montana Code > Title 19 > Chapter 20 > Part 8 - Superannuation Retirement

• Average final compensation: means a member's highest average earned compensation, determined pursuant to 19-20-805, on which all required contributions have been made. See Montana Code 19-20-101
• board: means the retirement system's governing board provided for in 2-15-1010. 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

• 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.
• 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

• Member: means a person who has an individual account in the annuity savings account. See Montana Code 19-20-101
• Normal retirement age: means an age no earlier than 60 years of age. 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.
• Part-time service: means service that is not full-time service. 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
• retiree: means a person who is considered in retired member status under the provisions of 19-20-810. 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
• 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
• termination date: means the last date on which a member performed service in a position reportable to the retirement system. See Montana Code 19-20-101
• Termination pay: means any form of bona fide vacation leave, sick leave, severance pay, amounts provided under a window or early retirement incentive plan, or other payments contingent on the employee terminating employment. See Montana Code 19-20-101
• 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
• 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