19-2-507. Transfer between funds
19-2-507. Transfer between funds. Any pension trust fund out of which payments are made under the provisions of this title may be reimbursed to the extent of the payments by transfer of a sufficient sum for the reimbursement from another pension trust fund or funds under the control of the board. History: En. 68-2506 by Sec. 54, […]
19-2-508. through 19-2-510 reserved
19-2-508 through 19-2-510 reserved.
19-2-511. Limitation of liability
19-2-511. Limitation of liability. (1) The board shall 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 similar aims. (2) Plan fiduciaries are not liable for any loss to a […]
19-2-501. Pension trust funds established
19-2-501. Pension trust funds established. A pension trust fund is established and maintained for each retirement plan within a system subject to this chapter as enumerated in 19-2-302. History: En. Sec. 11, Ch. 265, L. 1993; amd. Sec. 13, Ch. 471, L. 1999.
19-2-502. Payments from pension trust funds
19-2-502. Payments from pension trust funds. (1) The board shall administer the assets of the pension trust funds as provided in Article VIII, section 15, of the Montana constitution, subject to the specific provisions of chapters 2, 3, 5 through 9, and 13 of this title. (2) Benefits and refunds to eligible recipients are payable pursuant to […]
19-2-503. Management of pension trust funds
19-2-503. Management of pension trust funds. The pension trust funds must be managed as follows: (1) The board is the trustee of all money collected for the retirement systems and has exclusive control of the administration of the pension trust funds except as otherwise provided by law. (2) The department shall deposit in the state treasury all amounts […]
19-2-504. Investment of pension trust funds
19-2-504. Investment of pension trust funds. (1) Except as provided in chapter 3, part 21, of this title, the pension trust funds of the retirement systems must be invested by the state board of investments as part of the unified investment program described in Title 17, chapter 6, part 2. (2) All income earned on any assets […]
19-2-505. Restrictions on use of funds
19-2-505. Restrictions on use of funds. (1) Except as provided in this section, a member or an employee of the board or the board of investments may not: (a) have any interest, direct or indirect, in the making of any investment or in the gains or profits accruing from the pension trust funds; (b) directly or indirectly, for […]
19-2-506. Payment of contributions by employers — accompanying reports — penalty — liability
19-2-506. Payment of contributions by employers — accompanying reports — penalty — liability. (1) The board shall prescribe by rule the procedure for payment of retirement contributions for the retirement systems administered by the board. Each employer shall pick up the employee contributions and remit the employer and employee contributions required by the member’s retirement system. […]