reglab/housing_qa huggingface dataset:
MT Code § 19-20-414 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 4. Creditable Service|19-20-414. Payment methods for purchase of service credit

  19-20-414. Payment methods for purchase of service credit. (1) An active or vested member who is eligible to purchase service under this chapter may at any time before retirement apply to purchase the service credit by making payment as provided in this section.   (2) Subject to subsection (3), service credit may be purchased by one or a combination of the following methods:   (a) a lump-sum payment;   (b) installment payments;   (c) direct rollover of eligible distributions from a retirement plan in section 402(c)(8)(B)(iii) or 402(c)(8)(B)(iv) of the Internal Revenue Code;   (d) rollover of a distribution from an individual retirement account or annuity described in section 408(a) or 408(b) of the Internal Revenue Code that is eligible to be rolled over and would otherwise be included in gross income;   (e) a direct trustee-to-trustee transfer from a governmental 457(b) deferred compensation plan or a 403(b) tax-sheltered annuity for permissive service credit, as defined in section 415(n) of the Internal Revenue Code.   (3) (a) The total amount transferred or rolled over to the retirement system pursuant to subsection (2) may not exceed the amount due to purchase the service.   (b) If, in the case of a transfer, the transferred account includes both tax-deferred and taxed amounts, the transferring agency shall identify the member's tax-deferred and taxed amounts at the time the transfer is made.   (4) To the extent permitted by section 401(a)(31) of the Internal Revenue Code and as limited by this section, the board shall accept a direct rollover of eligible distributions from another eligible retirement plan.   (5) If the member dies before having completed the payment required to purchase the service that the member had applied to purchase, the member's surviving spouse may, subject to the rules and regulations of the Internal Revenue Code, apply to complete the member's service purchase as provided in this section. The surviving spouse must apply to complete the payments and pay the balance due to the system prior to the distribution of benefits.   History: En. Sec. 10, Ch. 111, L. 1995; amd. Sec. 8, Ch. 111, L. 1999; amd. Sec. 13, Ch. 45, L. 2001; amd. Sec. 6, Ch. 174, L. 2003; amd. Sec. 6, Ch. 90, L. 2007.
MT Code § 19-20-416 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 4. Creditable Service|19-20-416. Credit for legislative service required

  19-20-416. Credit for legislative service required. (1) A legislator who did not elect to continue to participate in the system, as provided under 5-2-304, and who subsequently participates as a member must be awarded creditable service for legislative service if the legislator contributes an amount equal to the member contributions that would have been made if the legislator had elected membership plus interest paid as follows:   (a) if a written application to purchase service was signed prior to July 1, 2012, at the rate that the contributions would have earned if they had been on deposit with the retirement system; or   (b) if a written application to purchase service is signed on or after July 1, 2012, at the actuarially assumed interest rate in effect on the date the written application is signed.   (2) The employer contribution must be made by the legislative branch in the amount that would have been contributed if the legislator had elected membership plus interest at the rate that the contributions would have earned if they had been on deposit with the retirement system.   History: En. Sec. 10, Ch. 111, L. 1999; amd. Sec. 7, Ch. 151, L. 2011.
MT Code § 19-20-417 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 4. Creditable Service|19-20-417. Credit for substitute teaching service, teacher's aide service, or other service not reported

  19-20-417. Credit for substitute teaching service, teacher's aide service, or other service not reported. (1) A substitute teacher or part-time teacher's aide who did not elect membership under 19-20-302 and who subsequently becomes a member must be awarded creditable service for the service not reported if the member contributes the employee and employer contributions that would have been made if the member had been a member from the date of hire, plus interest.   (2) A person who was employed in a capacity that would have been eligible for membership except for the fact that the person was employed for less than 30 days and who subsequently becomes an active member may purchase this service if the person contributes the employee and employer contributions that would have been made if the person had been a member from the date of hire, plus interest.   (3) If an employer fails to report a person who was eligible for membership under 19-20-302, the employee and employer shall make the contributions required by this chapter, plus interest.   (4) The contributions and interest may be made in a lump-sum payment or in installments as agreed to between the person and the board.   History: En. Sec. 11, Ch. 111, L. 1999; amd. Sec. 15, Ch. 45, L. 2001.
MT Code § 19-20-418 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 4. Creditable Service|19-20-418. through 19-20-425 reserved

  19-20-418 through 19-20-425 reserved.
MT Code § 19-20-426 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 4. Creditable Service|19-20-426. Creditable service for employment under university system retirement program

  19-20-426. Creditable service for employment under university system retirement program. (1) (a) Subject to 19-20-405, a vested member who has completed 1 full year of active membership in the retirement system subsequent to the member's participation in the university system retirement program pursuant to 19-21-201 and contributes to the retirement system as provided in subsection (2) may receive up to 5 years of creditable service in the retirement system for service covered under the university system retirement program.   (b) Employment to be credited must be of an instructional nature, as an administrative officer, or as a member of the scientific staff with an individual contract under the authority of the board of regents.   (c) A member may not receive credit for service as a student employed by the institution.   (2) For each year of service to be credited under this section, the member shall contribute the actuarial cost of the service based on the most recent valuation of the system.   (3) The contributions and interest may be made in a lump-sum payment or in installments as agreed between the person and the retirement board.   History: En. Sec. 7, Ch. 320, L. 2005; amd. Sec. 9, Ch. 282, L. 2013; amd. Sec. 20, Ch. 210, L. 2015.
MT Code § 19-20-427 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 4. Creditable Service|19-20-427. Redeposit of contributions previously withdrawn

  19-20-427. Redeposit of contributions previously withdrawn. (1) Except as provided in subsection (3), in addition to the contributions required under 19-20-602 and 19-20-608, subject to the approval of the retirement board, and to the extent permitted by section 415(k)(3) of the Internal Revenue Code, a member may redeposit in the annuity savings account, by a single payment or by an increased rate of contribution, an amount equal to the accumulated contributions that the member has previously withdrawn, plus interest paid as follows:   (a) if a written application to purchase service is signed prior to July 1, 2012, at the rate the contributions would have earned had the contributions not been withdrawn; or   (b) if a written application to purchase service is signed on or after July 1, 2012, at the actuarially assumed interest rate in effect on the date the written application is signed.   (2) The redeposit must be made in accordance with 19-20-415.   (3) A member may not redeposit contributions previously withdrawn under this chapter after retirement benefit payments to the member have started, even if the member returns to active member status.   History: En. Sec. 9, Ch. 320, L. 2005; amd. Sec. 7, Ch. 90, L. 2007; amd. Sec. 8, Ch. 151, L. 2011; amd. Sec. 4, Ch. 389, L. 2013; amd. Sec. 21, Ch. 210, L. 2015.
MT Code § 19-20-501 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 5. Management of Funds|19-20-501. Financial administration of money

  19-20-501. Financial administration of money. The members of the retirement board are the trustees of all money collected for the retirement system, and as trustees, they shall provide for the financial administration of the money as provided in Article VIII, section 15, of the Montana constitution in the following manner:   (1) The money must be invested and reinvested by the state board of investments.   (2) The retirement board shall annually establish the rate of regular interest.   (3) In accordance with the provisions of 19-20-605(8), the amount to be credited to each reserve must be allocated from the interest and other earnings on the money of the retirement system actually realized during the preceding fiscal year, less the amount allocated to administrative expenses. The administrative expenses of the retirement system, less amortization of intangible assets, may not exceed 1.5% of retirement benefits paid.   (4) The state treasurer is the custodian of the collected retirement system money and of the securities in which the money is invested.   (5) For purposes of Article VIII, section 12, of the Montana constitution, all the reserves established by part 6 of this chapter must be accounts in the pension trust fund type of the treasury fund structure of the state.   (6) Benefits and refunds to eligible recipients are payable pursuant to a contract as contained in statute. Unless specifically provided for by statute, the contract does not contain revisions to statutes after the time of retirement or termination.   History: En. 75-6206 by Sec. 101, Ch. 5, L. 1971; amd. Sec. 2, Ch. 507, L. 1973; amd. Sec. 98, Ch. 326, L. 1974; amd. Sec. 3, Ch. 127, L. 1977; amd. Sec. 3, Ch. 331, L. 1977; R.C.M. 1947, 75-6206(1) thru (4), (7); amd. Sec. 3, Ch. 282, L. 1983; amd. Sec. 2, Ch. 8, L. 1991; Sec. 19-4-501, MCA 1991; redes. 19-20-501 by Code Commissioner, 1993; amd. Sec. 34, Ch. 532, L. 1997; amd. Sec. 16, Ch. 45, L. 2001; amd. Sec. 8, Ch. 90, L. 2007; amd. Sec. 5, Ch. 305, L. 2007; amd. Sec. 2, Ch. 298, L. 2009.
MT Code § 19-20-502 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 5. Management of Funds|19-20-502. Restrictions on use of money

  19-20-502. Restrictions on use of money. (1) A member of the retirement board or an employee of the board may not:   (a) have an interest, directly or indirectly, in the gains or profits of any investment of money of the retirement system, except as provided in this section;   (b) directly or indirectly, for the member or employee or as an agent, in any manner use the money or deposits of the retirement system except to make current and necessary expenditures authorized by the retirement board; or   (c) become an endorser or surety or in any manner an obligor for money loaned by or borrowed from the retirement system.   (2) The assets of the retirement system may not be used for or diverted to any purpose other than for the exclusive benefit of the members and their beneficiaries and for paying the reasonable expenses of administering the retirement system.   (3) The board may not engage in a transaction prohibited by section 503(b) of the Internal Revenue Code.   (4) The assets of the retirement system must remain in trust until a warrant for the assets has been paid or an electronic funds transfer of system assets has been made in accordance with law.   History: En. 75-6206 by Sec. 101, Ch. 5, L. 1971; amd. Sec. 2, Ch. 507, L. 1973; amd. Sec. 98, Ch. 326, L. 1974; amd. Sec. 3, Ch. 127, L. 1977; amd. Sec. 3, Ch. 331, L. 1977; R.C.M. 1947, 75-6206(5), (8); Sec. 19-4-502, MCA 1991; redes. 19-20-502 by Code Commissioner, 1993; amd. Sec. 12, Ch. 111, L. 1999; amd. Sec. 17, Ch. 45, L. 2001.
MT Code § 19-20-503 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 5. Management of Funds|19-20-503. Forfeiture of unclaimed account balances or benefits

  19-20-503. Forfeiture of unclaimed account balances or benefits. (1) A benefit or refund of the member's account balance must be claimed within 5 years after the date of the member's death.   (2) If the benefit or refund is not claimed within the time provided in subsection (1), the member's account balance is forfeited and reverts to the pension trust fund.   History: En. 75-6206 by Sec. 101, Ch. 5, L. 1971; amd. Sec. 2, Ch. 507, L. 1973; amd. Sec. 98, Ch. 326, L. 1974; amd. Sec. 3, Ch. 127, L. 1977; amd. Sec. 3, Ch. 331, L. 1977; R.C.M. 1947, 75-6206(6); Sec. 19-4-503, MCA 1991; redes. 19-20-503 by Code Commissioner, 1993; amd. Sec. 11, Ch. 442, L. 1997; amd. Sec. 9, Ch. 90, L. 2007; amd. Sec. 4, Ch. 276, L. 2019.
MT Code § 19-20-504 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 5. Management of Funds|19-20-504. Vesting of retirement allowances upon termination of system

  19-20-504. Vesting of retirement allowances upon termination of system. Upon termination of the retirement system, termination of employment of a substantial number of members which would constitute a partial termination of the retirement system, or complete discontinuance of contributions to the retirement system, the retirement allowance accrued to each member directly affected by such occurrence becomes fully vested and nonforfeitable to the extent funded.   History: En. 75-6206 by Sec. 101, Ch. 5, L. 1971; amd. Sec. 2, Ch. 507, L. 1973; amd. Sec. 98, Ch. 326, L. 1974; amd. Sec. 3, Ch. 127, L. 1977; amd. Sec. 3, Ch. 331, L. 1977; R.C.M. 1947, 75-6206(9); Sec. 19-4-504, MCA 1991; redes. 19-20-504 by Code Commissioner, 1993.
MT Code § 19-20-505 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 5. Management of Funds|19-20-505. through 19-20-509 reserved

  19-20-505 through 19-20-509 reserved.
MT Code § 19-20-510 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 5. Management of Funds|19-20-510. Probate and nonprobate transfer statutes superseded

  19-20-510. Probate and nonprobate transfer statutes superseded. If a provision of this chapter conflicts with a provision of Title 72, chapter 2, part 8, the provision of this chapter supersedes the conflicting provision of Title 72, chapter 2, part 8.   History: En. Sec. 19, Ch. 562, L. 1999.
MT Code § 19-20-601 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 6. Funds -- Contributions|19-20-601. Method of financing

  19-20-601. Method of financing. The retirement board shall establish and maintain the funds described in this part, in which all of the assets of the retirement system shall be credited according to the purpose for which the assets are held.   History: En. 75-6207 by Sec. 102, Ch. 5, L. 1971; amd. Sec. 1, Ch. 57, L. 1971; amd. Sec. 1, Ch. 422, L. 1971; amd. Sec. 3, Ch. 507, L. 1973; amd. Sec. 2, Ch. 26, L. 1975; amd. Sec. 4, Ch. 127, L. 1977; amd. Sec. 4, Ch. 331, L. 1977; amd. Sec. 3, Ch. 443, L. 1977; R.C.M. 1947, 75-6207(1); Sec. 19-4-601, MCA 1991; redes. 19-20-601 by Code Commissioner, 1993.
MT Code § 19-20-603 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 6. Funds -- Contributions|19-20-603. Withdrawal from membership -- refund of accumulated contributions -- options

  19-20-603. Withdrawal from membership -- refund of accumulated contributions -- options. (1) (a) An inactive member may apply at any time to withdraw from membership in the retirement system and receive a refund of the member's accumulated contributions.   (b) An active member may apply to withdraw from membership in the retirement system and receive a refund of the member's accumulated contributions no sooner than 30 days before the date of the member's termination from employment in all positions reportable to the retirement system.   (c) The application must be made on a form or in a manner prescribed by the retirement system and is not complete until all required supporting documentation is provided. The application is void if the documentation is not provided within 60 days after the application date.   (2) The retirement system shall refund a withdrawing member's accumulated contributions after the latest of the following dates:   (a) the last day of the month in which the member terminated employment in all positions reportable to the retirement system;   (b) the last day of the last month for which the employer reported to the retirement system compensation paid to the member; or   (c) the date that the member's application to withdraw is complete.   (3) A member's withdrawal and refund under this section:   (a) is irrevocable after the refund has been processed by the retirement system;   (b) constitutes forfeiture of the member's creditable service and any right to a benefit pursuant to that service;   (c) terminates the member's membership in the retirement system; and   (d) terminates a withdrawn tier one member's status as a tier one member.   (4) An individual who has withdrawn and later returns to employment in a position reportable to the retirement system may purchase the forfeited creditable service as provided in 19-20-427. However, a tier one member who withdraws and returns to employment in a position reportable to the retirement system must return as a tier two member even if the member purchases the forfeited creditable service.   (5) The withdrawal application of a member is void if the member is reported to the retirement system for current employment in a position reportable to the retirement system before the refund is processed.   History: En. 75-6208 by Sec. 103, Ch. 5, L. 1971; amd. Sec. 2, Ch. 57, L. 1971; amd. Sec. 2, Ch. 422, L. 1971; amd. Sec. 4, Ch. 507, L. 1973; amd. Sec. 3, Ch. 26, L. 1975; amd. Sec. 5, Ch. 127, L. 1977; amd. Sec. 5, Ch. 331, L. 1977; amd. Sec. 1, Ch. 443, L. 1977; R.C.M. 1947, 75-6208(6); amd. Sec. 1, Ch. 226, L. 1993; Sec. 19-4-603, MCA 1991; redes. 19-20-603 by Code Commissioner, 1993; amd. Sec. 13, Ch. 442, L. 1997; amd. Sec. 14, Ch. 111, L. 1999; amd. Sec. 18, Ch. 45, L. 2001; amd. Sec. 11, Ch. 90, L. 2007; amd. Sec. 6, Ch. 282, L. 2009; amd. Sec. 5, Ch. 276, L. 2019.
MT Code § 19-20-604 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 6. Funds -- Contributions|19-20-604. State contributions -- termination

  19-20-604. (Temporary) State contributions -- termination. The state shall contribute monthly from the general fund to the pension trust fund a sum equal to 0.11% of the compensation of members participating in the system on or after July 1, 1999. The contributions are statutorily appropriated, as provided in 17-7-502, to the pension trust fund. The state contribution provided for in this section terminates when the amortization period for the system's unfunded liability is 10 years or less according to the system's latest actuarial valuation. The board shall certify amounts due under this section on a monthly basis. The state treasurer shall transfer the certified amounts to the pension trust fund within 1 week. (Terminates on occurrence of contingency--sec. 10, Ch. 360, L. 1999.)   History: En. Sec. 2, Ch. 360, L. 1999.
MT Code § 19-20-606 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 6. Funds -- Contributions|19-20-606. Repealed

  19-20-606. Repealed. Sec. 40, Ch. 532, L. 1997.   History: En. 75-6207 by Sec. 102, Ch. 5, L. 1971; amd. Sec. 1, Ch. 57, L. 1971; amd. Sec. 1, Ch. 422, L. 1971; amd. Sec. 3, Ch. 507, L. 1973; amd. Sec. 2, Ch. 26, L. 1975; amd. Sec. 4, Ch. 127, L. 1977; amd. Sec. 4, Ch. 331, L. 1977; amd. Sec. 3, Ch. 443, L. 1977; R.C.M. 1947, 75-6207(5); amd. Sec. 2, Ch. 328, L. 1985; Sec. 19-4-606, MCA 1991; redes. 19-20-606 by Code Commissioner, 1993.
MT Code § 19-20-607 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 20. Teachers' Retirement|Part 6. Funds -- Contributions|19-20-607. Supplemental state contribution -- appropriation

  19-20-607. Supplemental state contribution -- appropriation. (1) (a) Each month, the state shall contribute, as a supplemental contribution to the teachers' retirement system, from the general fund to the pension trust fund an amount equal to 2.38% of the total earned compensation of active members of the employers listed in 19-20-605(3) participating in the system.   (b) (i) Except as provided in subsection (1)(b)(ii), beginning July 1, 2013, and on each July 1 thereafter, the state shall contribute from the general fund to the pension trust fund $25 million as a supplemental contribution to the teachers' retirement system.   (ii) If the legislative finance committee determines that the board has failed to provide a sufficient report pursuant to 19-20-216, it shall recommend that $5 million be subtracted from the amount allocated in subsection (1)(b)(i) subject to legislative approval.   (2) The contributions are statutorily appropriated, as provided in 17-7-502, to the pension trust fund. The board shall determine and shall certify to the state treasurer amounts due under this section on a monthly basis. The state treasurer shall transfer the certified amounts to the pension trust fund within 1 week following receipt of the certification from the board.   History: En. Sec. 1, Ch. 305, L. 2007; amd. Sec. 9, Ch. 389, L. 2013; amd. Sec. 6, Ch. 276, L. 2019.