19-3-2101. Definitions. Unless the context requires otherwise, as used in this part, the following definitions apply: (1) ”Member” means a person with a retirement account in the defined contribution plan. (2) ”Plan” or “defined contribution plan” means the defined contribution retirement plan. (3) ”University system retirement program” means the retirement plan established by the board of regents under Title […]
19-3-2102. Defined contribution plan established — assets to be held in trust — contracted services. (1) The board shall establish within the public employees’ retirement system a defined contribution plan in accordance with the provisions of this part. The plan must be established as a pension plan for the exclusive benefit of members and their beneficiaries […]
19-3-2103. Legislative intent. It is the intent of the legislature that, in implementing and administering the defined contribution plan: (1) changes to current administrative processes and the impact of those changes on employers be minimized to the extent possible; (2) the administrative structure for the plan be configured in an economical and efficient manner; (3) administration and services for […]
19-3-2104. Board powers and duties — rulemaking. (1) The board has the powers and shall perform the duties regarding the defined contribution plan as provided in 19-2-403, as applicable. The board may also exercise the powers and shall perform the duties provided in this chapter. (2) The board shall, in accordance with the Montana Administrative Procedure Act, […]
19-3-2105. Administrative expenses and fees. (1) The board may establish a fund within the defined contribution plan for paying the plan’s administrative expenses. (2) The board may: (a) assess fees to pay the reasonable administrative costs of the plan; and (b) negotiate with a vendor or vendors for vendor reimbursement of board administrative expenses for the plan. (3) All fees […]
19-3-2106. Limited contract right. The statutory provisions governing the defined contribution plan and the university system retirement program are subject to amendment by the legislature. Employees choosing the defined contribution plan or the university system retirement program pursuant to this part do not have a contract right to the specific terms and conditions specified in statute […]
19-3-2107 through 19-3-2110 reserved.
19-3-2111. Plan membership — written election required — failure to elect — effect of election. (1) Except as otherwise provided in this part: (a) a member who was an inactive member of the defined benefit plan on the effective date of the defined contribution plan and who is rehired into covered employment after the plan effective date […]
19-3-2112. Plan choices for members employed by university system — amount available to transfer — effect on rights. (1) If a member who is employed by the Montana university system is eligible to make an election under this part to transfer to the defined contribution plan, the employee may, instead of electing the defined contribution plan, […]
19-3-2113. Reinstatement of plan membership — purchase of prior service credit in defined benefit plan. (1) (a) A member who terminates membership in the defined benefit plan, the defined contribution plan, or the university system retirement program after making an election pursuant to 19-3-2111 or 19-3-2112 and who returns to covered employment in less than 24 months […]
19-3-2114. Amount available to transfer. For an employee who elects to become a member of the plan, the board shall transfer from the defined benefit plan to the member’s retirement account an amount equal to the amount that would have been allocated to the member’s account pursuant to 19-3-2117 had the employee become a plan member […]
19-3-2115. Transfers or rollovers into plan — service transfers — membership credit for purposes of vesting. (1) (a) Except as provided in subsection (2), the board shall accept the rollover of contributions and the income on those contributions from another eligible retirement plan to the member’s vested account as allowed under applicable federal law. (b) To transfer service […]
19-3-2116. Vesting — mandatory termination of membership — forfeitures. (1) A member’s contribution account includes the member’s contributions and the income on those contributions and is vested from the date that the employee becomes a member of the plan. (2) A member’s employer contribution account includes the employer’s contributions and the income on those contributions and is […]
19-3-2117. Allocation of contributions and forfeitures. (1) The member contributions made under 19-3-315 and additional contributions paid by the member for the purchase of service must be allocated to the plan member’s retirement account. (2) Subject to subsections (3) and (4), of the employer contributions under 19-3-316 received: (a) an amount equal to: (i) 4.19% of compensation must be […]
19-3-2118 through 19-3-2120 reserved.
19-3-2121. Repealed. Sec. 5, Ch. 170, L. 2015. History: En. Sec. 54, Ch. 471, L. 1999; amd. Sec. 6, Ch. 423, L. 2001; amd. Sec. 24, Ch. 490, L. 2001; amd. Sec. 33, Ch. 329, L. 2005; amd. Sec. 41, Ch. 2, L. 2009.
19-3-2122. Investment alternatives — notice of changes — default fund. (1) The board shall provide for at least eight investment alternatives within the defined contribution plan. In providing for the plan’s investment alternatives, only a vendor or vendors offering suitable and well-managed investments, licensed to conduct business in Montana, and regulated by the United States securities […]
19-3-2123. Payout of vested account balances when terminating plan membership. Except as provided in 19-3-2142, any time after termination of service, a member or the member’s beneficiary may terminate plan membership by filing a written application with the board and removing the member’s vested account balance from the plan through any combination of the following payout […]
19-3-2124. Distribution options for plan members — rulemaking — minimum distribution requirements — restrictions. (1) Subject to 19-3-2116, 19-3-2126, and 19-3-2142, a member may, after termination of service, leave the member’s vested account balance in the plan, and the member is eligible for a distribution as provided in this section. (2) After termination of service and upon […]
19-3-2125. Death benefits. A plan member’s beneficiary must be determined as provided in chapter 2, part 8, of this title. Upon filing a written application with the board after the death of a plan member, the member’s beneficiary is entitled to the member’s vested account balance subject to this part. History: En. Sec. 58, Ch. 471, L. […]
