19-50-206. Repealed
19-50-206. Repealed. Sec. 73, Ch. 471, L. 1999. History: En. Sec. 6, Ch. 472, L. 1981; Sec. 19-2-206, MCA 1991; redes. 19-50-206 by Code Commissioner, 1993.
19-50-201. Board authorized to make contracts with political subdivisions
19-50-201. Board authorized to make contracts with political subdivisions. (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 legislative body of the political […]
19-50-202. Administration of program
19-50-202. Administration of program. 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 participants and safeguard the assets of the deferred compensation plan and shall […]
19-50-203. Payments authorized
19-50-203. Payments authorized. 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 assets of the state or a political subdivision. History: En. […]
19-50-204. Public entity not to be liable
19-50-204. Public entity not to be liable. 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. History: En. 68-2707 by Sec. 7, Ch. 264, L. 1974; R.C.M. 1947, 68-2707; amd. Sec. 8, Ch. 472, L. 1981; Sec. 19-2-204, […]
19-50-205. reserved
19-50-205 reserved.
19-50-101. Definitions
19-50-101. Definitions. 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. (2) ”Deferred compensation” means the income that an employee may legally defer in a deferred […]
19-50-102. Deferred compensation programs permitted — rules
19-50-102. Deferred compensation programs permitted — rules. (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 compensation plans for employees may be established […]
19-50-103. No effect on other retirement programs — taxes deferred — Roth deferral exception
19-50-103. No effect on other retirement programs — taxes deferred — Roth deferral exception. (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 subdivision, […]
19-50-104. Eligibility to catch up — normal retirement age
19-50-104. Eligibility to catch up — normal retirement age. (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 which the […]