Title 19, Title 19

(1) Except as limited by this section, average final compensation is calculated by averaging the earned compensation paid to: (a) a tier one member in 3 consecutive fiscal years of full-time service that yields the highest average; or (b) a tier two member in 5 consecutive fiscal…

(1) A member shall terminate employment in all positions reportable to the retirement system to be eligible for service retirement under 19-20-801, early retirement under 19-20-802, disability retirement under 19-20-901, or withdrawal under 19-20-603. (2) Except as provided in su…

(1) Except as provided in subsection (5), upon the application of a member or of the member's employer for a disability retirement allowance, any member who has 5 or more years of creditable service and who has become disabled while being an active member may be retired by the re…

(1) Upon retirement for disability, a member must receive a disability retirement allowance equal to the greater of: (a) one-sixtieth of the member's average final compensation multiplied by the sum of the number of years of creditable service, including service transferred under…

(1) Once each year during the first 5 years following the retirement of a member on a disability retirement allowance and once in every 3-year period afterward, the retirement board may require a disability benefit recipient who has not yet attained the age of 60 to undergo a med…

(1) (a) Except as provided by subsection (1)(b), if a retiree receiving a disability retirement allowance is engaged in or is able to engage in a gainful occupation paying more than the difference between the retiree's retirement allowance and the retiree's average final compensa…

(1) If a disabled retiree is employed in a position reportable to the retirement system and earns compensation in any calendar year in excess of the limitation provided in 19-20-904, the retiree's retirement allowance must cease and the retiree must again become an active member …

The board of regents may establish a university system retirement program, as provided in this chapter, for the administrative officers and members of the instructional and scientific staff of the Montana university system. The program may be an independent plan or part of a larg…

Unless the context requires otherwise, as used in this chapter, the following definitions apply: (1) "Program" means the university system retirement program established pursuant to this chapter. (2) "Public employees' retirement system" means the retirement system established in…

The board of regents shall: (1) act as fiduciaries of the program and exercise its fiduciary authority in the same manner that would be used by a prudent person acting in the same capacity who is familiar with the circumstances and in an enterprise of a similar character with sim…

(1) Except as provided in this section, academic and professional administrative personnel with individual contracts under the authority of the board of regents are eligible for and may elect to participate in the program instead of the teachers' retirement system. This election …

(1) An election under 19-21-201 to participate in the program is a waiver of all rights and benefits under the teachers' retirement system except as provided in this section. (2) A member of the teachers' retirement system who elects to participate in the program is considered, f…

The following provisions apply to program participants not otherwise covered under 19-21-214: (1) (a) Each program participant shall contribute an amount equal to the member's contribution required under 19-20-602. (b) (i) Each month, the board of regents shall calculate an amoun…

A retirement, death, or other benefit may not be paid by the state or the board of regents under the university system retirement program. Benefits are payable to a participant and the participant's beneficiaries only by the designated company or companies in accordance with the …

Except for execution or withholding for the payment of child support or for the payment of spousal support for a spouse or former spouse who is the custodial parent of the child, contracts, benefits, and contributions under the university system retirement program and the earning…

Subject to and as provided in 19-3-2112, a university system employee in a position covered under the public employees' retirement system may elect to participate in the program.

(1) The contribution rates for employees in positions covered under the public employees' retirement system who elect to become program members pursuant to 19-3-2112 are as follows: (a) the member's contribution rate must be the rate provided in 19-3-315; and (b) the employer's c…

For the purposes of this chapter, unless a different meaning is plainly implied by the context, the following definitions apply: (1) "Administrator" or "board" means the public employees' retirement board created in 2-15-1009 or an appropriate officer of a political subdivision. …

(1) The state or a political subdivision may establish deferred compensation plans that are eligible under section 457 of the Internal Revenue Code, 26 U.S.C. 457, as amended, and in compliance with regulations of the U.S. department of the treasury. Eligible deferred compensatio…

(1) The deferred compensation program established by this chapter is in addition to retirement, pension, or benefit systems, including plans qualifying under section 403(b) of the Internal Revenue Code, 26 U.S.C. 403(b), as amended, established by the state or a political subdivi…

(1) Except as provided in subsection (2), for the purposes of determining a participant's eligibility to catch up on making the maximum annual deferrals allowable, normal retirement age must be specified in writing by the participant and must be no earlier than: (a) the age at wh…

(1) Effective July 1, 1983, a political subdivision may become a contracting employer and make all or specified groups of its employees eligible to participate in the state-administered deferred compensation program by a contract entered into and between the board and the legisla…

The deferred compensation program shall be administered by the board or the appropriate officer designated by a political subdivision. Payroll deductions shall be made, in each instance, by the appropriate payroll officer. The administrator shall protect the interests of program …

Notwithstanding any other provision of law to the contrary, the board or a political subdivision is hereby authorized to make payments to eligible deferred compensation plans designated by this chapter. Such payments shall not be construed to be a prohibited use of the general as…

There shall be no financial liability of the state or a political subdivision for any investment losses incurred by any eligible deferred compensation plan established under this chapter.