reglab/housing_qa huggingface dataset:
MT Code § 19-2-407 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 4. Administration|19-2-407. Reports

  19-2-407. Reports. (1) As soon as practical after the close of each fiscal year, the board shall file with the governor and with the legislature pursuant to 5-11-210 a report of its work for that fiscal year. The report must include but is not limited to:   (a) a statement as to the accumulated cash and securities in the pension trust funds as certified by the state treasurer and the board of investments;   (b) a summary of the most recent information available from the actuary concerning the actuarial valuation of the assets and liabilities of each system or plan; and   (c) an analysis of how market performance is affecting actuarial funding of each of the retirement systems or plans.   (2) The report required under subsection (1) must also provide information concerning the defined contribution plan, including a description of the plan, the number of members in the plan, plan contribution rates, the total amount of money invested by members, investment performance, administrative costs and fees, and other information required under applicable governmental accounting standards and as determined by the board.   History: En. 68-1803 by Sec. 20, Ch. 323, L. 1973; amd. Sec. 4, Ch. 132, L. 1977; amd. Sec. 9, Ch. 332, L. 1977; R.C.M. 1947, 68-1803(2); amd. Sec. 9, Ch. 265, L. 1993; Sec. 19-3-306, MCA 1991; redes. 19-2-407 by Sec. 238, Ch. 265, L. 1993; amd. Sec. 10, Ch. 471, L. 1999; amd. Sec. 8, Ch. 562, L. 1999; amd. Sec. 6, Ch. 285, L. 2007; amd. Sec. 2, Ch. 170, L. 2015.
MT Code § 19-2-408 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 4. Administration|19-2-408. Administrative expenses

  19-2-408. Administrative expenses. (1) The legislature finds that proper administration of the pension trust funds benefits both employers and members and continues to benefit members after retirement.   (2) (a) The administrative expenses of the retirement systems administered by the board must be paid from the investment earnings on the pension trust fund of the public employees' retirement system's defined benefit plan, except as otherwise provided in this section. The board shall compute the administrative expenses attributable to each retirement system or plan administered by the board and transfer that amount from each retirement system's or plan's pension trust fund to the pension trust fund of the public employees' retirement system's defined benefit plan in a manner that ensures that the public employees' retirement system's defined benefit plan trust fund is fully compensated for expenditures made on behalf of other systems or plans so that there is no actuarial impact on the fund.   (b) The total administrative expenses of the board, including the administration of the Volunteer Firefighters' Compensation Act, may not exceed 1.5% of the total defined benefit plan retirement benefits paid.   (3) For purposes of calculating the percentage specified in subsection (2)(b), administrative expenses do not include:   (a) expenditures to purchase intangible assets for plan administration;   (b) expenses of the defined contribution plan;   (c) expenditures of funds allocated under 19-3-112(1)(b) to the education fund established in 19-3-112(1)(a); or   (d) expenses for an actuarial valuation under 19-2-405(2) performed during the first year of a biennium.   (4) The administrative expenses of the defined contribution plan must be paid, as provided in 19-3-2105, from assets of the defined contribution plan.   History: En. 68-1904 by Sec. 25, Ch. 323, L. 1973; amd. Sec. 3, Ch. 190, L. 1974; amd. Sec. 6, Ch. 99, L. 1977; amd. Sec. 4, Ch. 132, L. 1977; R.C.M. 1947, 68-1904; amd. Sec. 2, Ch. 254, L. 1981; amd. Sec. 5, Ch. 496, L. 1981; amd. Sec. 1, Ch. 328, L. 1985; amd. Sec. 3, Ch. 4, Sp. L. June 1986; amd. Sec. 10, Ch. 265, L. 1993; Sec. 19-3-805, MCA 1991; redes. 19-2-408 by Sec. 238, Ch. 265, L. 1993; amd. Sec. 18, Ch. 532, L. 1997; amd. Sec. 1, Ch. 286, L. 1999; amd. Sec. 11, Ch. 471, L. 1999; amd. Sec. 9, Ch. 562, L. 1999; amd. Sec. 50, Ch. 114, L. 2003; amd. Sec. 7, Ch. 285, L. 2007; amd. Sec. 4, Ch. 64, L. 2011.
MT Code § 19-2-409 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 4. Administration|19-2-409. Plans to be funded on actuarially sound basis -- definition

  19-2-409. Plans to be funded on actuarially sound basis -- definition. As required by Article VIII, section 15, of the Montana constitution, each system must be funded on an actuarially sound basis. For purposes of this section, "actuarially sound basis" means that contributions to each retirement plan must be sufficient to pay the full actuarial cost of the plan. For a defined benefit plan, the full actuarial cost includes both the normal cost of providing benefits as they accrue in the future and the cost of amortizing unfunded liabilities over a scheduled period of no more than 30 years. For the defined contribution plan, the full actuarial cost is the contribution defined by law that is payable to an account on behalf of the member.   History: En. Sec. 5, Ch. 287, L. 1997; amd. Sec. 12, Ch. 471, L. 1999.
MT Code § 19-2-410 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 4. Administration|19-2-410. Presentation to board of investments

  19-2-410. Presentation to board of investments. The board shall annually at a public meeting present to the board of investments established in 2-15-1808 a financial and actuarial report of the retirement systems administered by the board and brief the board of investments on any benefit changes being considered by the board that may affect trust fund obligations.   History: En. Sec. 2, Ch. 285, L. 2007.
MT Code § 19-2-501 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 5. Management and Investment of Pension Trust Funds|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.
MT Code § 19-2-502 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 5. Management and Investment of Pension Trust Funds|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 a contract as contained in statute. The contract is entered into on the first day of a member's covered employment and may be enhanced by the legislature. Unless specifically provided for by statute, the contract does not contain revisions to statutes after the time of retirement or termination of membership.   History: En. Sec. 12, Ch. 265, L. 1993; amd. Sec. 19, Ch. 532, L. 1997; amd. Sec. 2, Ch. 329, L. 2005.
MT Code § 19-2-503 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 5. Management and Investment of Pension Trust Funds|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 received by the board as provided in this chapter.   (3) Except as provided in chapter 3, part 21, of this title, the state treasurer is custodian of the pension trust funds, subject to the exclusive control of the board for administration and the board of investments for the investment of the funds.   History: En. 68-1901 by Sec. 22, Ch. 323, L. 1973; amd. Sec. 5, Ch. 99, L. 1977; amd. Sec. 3, Ch. 286, L. 1977; amd. Sec. 10, Ch. 332, L. 1977; R.C.M. 1947, 68-1901(1), (3), (4); amd. Sec. 13, Ch. 265, L. 1993; Sec. 19-3-601, MCA 1991; redes. 19-2-503 by Sec. 238, Ch. 265, L. 1993; amd. Sec. 14, Ch. 471, L. 1999; amd. Sec. 10, Ch. 562, L. 1999.
MT Code § 19-2-505 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 5. Management and Investment of Pension Trust Funds|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 the member or employee or as an agent or partner of others, borrow from the pension trust funds or deposits;   (c) in any manner use the pension trust funds except to make current and necessary payments that are authorized by the board;   (d) become an endorser or surety as to or in any manner an obligor for investments for the pension trust funds; or   (e) engage in a transaction prohibited by section 503(b) of the Internal Revenue Code.   (2) The assets of the retirement systems, including the assets of retirement accounts, 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 administrative expenses of the retirement systems administered by the board.   (3) The assets of the retirement systems remain in trust until a warrant has been negotiated or an electronic funds transfer has been deposited in accordance with law.   (4) Retirement benefits not claimed within 5 years after the member's death are forfeited and revert to the retirement system trust fund.   (5) The accumulated contributions of a vested or nonvested member that are not claimed within 5 years after the member's death are forfeited and revert to the retirement system trust fund.   (6) This section does not prevent the administration of an investment alternative within the defined contribution plan to the same extent that all other investment alternatives within the defined contribution plan are managed.   History: En. 68-1901 by Sec. 22, Ch. 323, L. 1973; amd. Sec. 5, Ch. 99, L. 1977; amd. Sec. 3, Ch. 286, L. 1977; amd. Sec. 10, Ch. 332, L. 1977; R.C.M. 1947, 68-1901(6), (7); amd. Sec. 2, Ch. 4, Sp. L. June 1986; amd. Sec. 15, Ch. 265, L. 1993; Sec. 19-3-603, MCA 1991; redes. 19-2-505 by Sec. 238, Ch. 265, L. 1993; amd. Sec. 5, Ch. 58, L. 1999; amd. Sec. 16, Ch. 471, L. 1999; amd. Sec. 11, Ch. 562, L. 1999; amd. Sec. 7, Ch. 99, L. 2001; amd. Sec. 4, Ch. 178, L. 2013.
MT Code § 19-2-506 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 5. Management and Investment of Pension Trust Funds|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. Payments must be considered delinquent until both the required contributions and the valid payroll report are received by the board.   (2) The board may collect payments delinquent under subsection (1) with an interest penalty at the rate of 9% a year or $10 a day, whichever is greater. The board may, in its discretion, waive the penalty. The collection may be made by either:   (a) an action in a court of competent jurisdiction against the employer; or   (b) deductions, at the request of the board, from any other money payable to the employer by any agency or fund of the state.   (3) (a) The board shall prescribe by rule the procedure for submitting employer reports. The reports must include data about member and nonmember employees who work for the employer.   (b) The rules must specify the employee categories to be reported, the data required, the method of reporting, the reporting period, and the frequency of reports needed to meet the demands of the relevant retirement system or plan.   (c) The board may establish by rule the penalty fees for noncompliance in reporting any of the required information and the procedure for collection of the fees.   (4) Each employer shall furnish additional information concerning members that the board may request in connection with claims by members for benefits or service under a retirement system.   (5) The board is not responsible or liable for any incorrect reporting or erroneous payment of contributions by an employer.   (6) The board, from time to time, may send materials to an employer for redistribution to employees. To facilitate distribution, each employer shall provide the board with a point of contact responsible for distributing the materials.   History: En. 68-2505 by Sec. 53, Ch. 323, L. 1973; amd. Sec. 11, Ch. 99, L. 1977; R.C.M. 1947, 68-2505(1); amd. Sec. 1, Ch. 348, L. 1979; amd. Sec. 1, Ch. 138, L. 1991; amd. Sec. 16, Ch. 265, L. 1993; Sec. 19-3-802, MCA 1991; redes. 19-2-506 by Sec. 238, Ch. 265, L. 1993; amd. Sec. 12, Ch. 562, L. 1999; amd. Sec. 8, Ch. 99, L. 2001; amd. Sec. 5, Ch. 429, L. 2003; amd. Sec. 2, Ch. 283, L. 2009; amd. Sec. 6, Ch. 99, L. 2011.
MT Code § 19-2-507 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 5. Management and Investment of Pension Trust Funds|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, Ch. 323, L. 1973; amd. Sec. 12, Ch. 99, L. 1977; R.C.M. 1947, 68-2506; amd. Sec. 3, Ch. 496, L. 1981; amd. Sec. 17, Ch. 265, L. 1993; Sec. 19-3-605, MCA 1991; redes. 19-2-507 by Sec. 238, Ch. 265, L. 1993; amd. Sec. 13, Ch. 562, L. 1999.
MT Code § 19-2-508 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 5. Management and Investment of Pension Trust Funds|19-2-508. through 19-2-510 reserved

  19-2-508 through 19-2-510 reserved.
MT Code § 19-2-511 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 5. Management and Investment of Pension Trust Funds|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 participant's or beneficiary's account under a defined contribution plan or the university system retirement program established pursuant to 19-21-101 that results from the participant's or beneficiary's exercise of control.   (3) Plan fiduciaries are not responsible for the acts or omissions of any employer or reporting agency or of any vendor providing services to the defined contribution plan or the university system retirement program. Nothing in this subsection limits the liability of any vendor for services required by contract.   (4) Plan fiduciaries are not liable for their reliance on the express provisions of the defined contribution plan or the university system retirement program.   (5) Plan fiduciaries are not liable for investment losses incurred in the defined contribution plan or the university system retirement program as a result of incorrect reporting by an employer or other reporting agency.   History: En. Sec. 3, Ch. 490, L. 2001; amd. Sec. 1, Ch. 38, L. 2003; amd. Sec. 1, Ch. 282, L. 2013.
MT Code § 19-2-601 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 6. Termination of Membership and Refunds|19-2-601. Termination of membership

  19-2-601. Termination of membership. If a member's accumulated contributions under a retirement system are refunded, the person ceases to be a member of that system, all the person's service is canceled, and the person relinquishes claim to any benefits payable to members of the retirement system.   History: En. 68-1603 by Sec. 7, Ch. 323, L. 1973; R.C.M. 1947, 68-1603; amd. Sec. 18, Ch. 265, L. 1993; Sec. 19-3-406, MCA 1991; redes. 19-2-601 by Sec. 238, Ch. 265, L. 1993.
MT Code § 19-2-602 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 6. Termination of Membership and Refunds|19-2-602. Refund of member's contributions on termination of service

  19-2-602. Refund of member's contributions on termination of service. (1) Except as provided in this section, any member who has terminated service, other than by death or retirement, must be paid the member's accumulated contributions upon the filing of a written application by the member and board approval. Prior to termination of service, a member may not receive a refund of any portion of the member's accumulated contributions.   (2) A nonvested member who has terminated service with accumulated contributions of less than $200 must be paid the accumulated contributions in a lump sum as soon as administratively feasible without a written application being filed by the member.   (3) A nonvested member who has terminated service with accumulated contributions of $200 to $1,000 must be paid the accumulated contributions in a lump sum as soon as administratively feasible unless a written application is filed within 90 days of terminating service pursuant to subsection (4).   (4) Upon the filing of a written application by an alternate payee eligible to receive a single distribution of $200 or more under 19-2-907 or 19-2-909 or by a member who is terminating service and is eligible to receive a refund of $200 or more of accumulated contributions, the board shall make a direct rollover distribution of any eligible rollover distribution allowed under section 401(a)(31) of the Internal Revenue Code, 26 U.S.C. 401(a)(31). The direct rollover distribution must be paid directly to an eligible retirement plan allowed under applicable federal law. As of January 1, 2008, an eligible retirement plan includes a Roth IRA, provided for under 26 U.S.C. 408A. The applicant is responsible for designating an eligible retirement plan on forms provided by the board. The portion of the account that is not an eligible rollover distribution must be paid directly to the recipient.   History: En. 68-1905 by Sec. 26, Ch. 323, L. 1973; amd. Sec. 6, Ch. 128, L. 1975; R.C.M. 1947, 68-1905; amd. Sec. 1, Ch. 107, L. 1979; amd. Sec. 4, Ch. 496, L. 1981; amd. Sec. 19, Ch. 265, L. 1993; Sec. 19-3-703, MCA 1991; redes. 19-2-602 by Sec. 238, Ch. 265, L. 1993; amd. Sec. 6, Ch. 58, L. 1999; amd. Secs. 14, 99(2), Ch. 562, L. 1999; amd. Sec. 9, Ch. 99, L. 2001; amd. Sec. 3, Ch. 329, L. 2005; amd. Sec. 1, Ch. 128, L. 2007; amd. Sec. 3, Ch. 284, L. 2009; amd. Sec. 1, Ch. 195, L. 2017.
MT Code § 19-2-603 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 6. Termination of Membership and Refunds|19-2-603. Reinstatement after withdrawal of contributions

  19-2-603. Reinstatement after withdrawal of contributions. Except as otherwise provided in chapter 3, part 21, of this title and this section, a person who again becomes an active member of a defined benefit plan subsequent to the refund of the person's accumulated contributions after a termination of previous membership is considered a new member without previous membership service or service credit. The person, while either an active or inactive vested member, may reinstate that membership service or service credit by redepositing the sum of the accumulated contributions that were refunded to the person at the last termination of the person's membership plus the interest that would have been credited to the person's accumulated contributions had the refund not taken place. If the person makes this redeposit, the membership service and service credit previously canceled must be reinstated.   History: En. 68-1906 by Sec. 27, Ch. 323, L. 1973; amd. Sec. 7, Ch. 128, L. 1975; R.C.M. 1947, 68-1906; amd. Sec. 20, Ch. 265, L. 1993; Sec. 19-3-704, MCA 1991; redes. 19-2-603 by Sec. 238, Ch. 265, L. 1993; amd. Sec. 17, Ch. 471, L. 1999; amd. Sec. 6, Ch. 429, L. 2003; amd. Sec. 7, Ch. 99, L. 2011; amd. Sec. 2, Ch. 195, L. 2017.
MT Code § 19-2-701 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 7. Service Credit and Additional Contributions|19-2-701. Service credit

  19-2-701. Service credit. (1) Service credit for all covered employment with each employer will be credited to a retirement system on a cumulative basis for all purposes, including but not limited to calculation of benefits and application of any maximum hour restrictions, limitations, or requirements. A member may not be credited with more than full-time service credit as a result of this cumulation of service credit. Subject to the provisions of chapters 3, 5 through 9, and 13, a member must receive 1 month of service credit for each full month of service under rules adopted by the board.   (2) Service credits must be used in calculating a retirement or survivorship benefit.   (3) A retired member is not eligible to earn service credit.   History: En. Sec. 21, Ch. 265, L. 1993; amd. Sec. 6, Ch. 370, L. 1997; amd. Sec. 15, Ch. 562, L. 1999.
MT Code § 19-2-702 (2021)
2021 Montana Code Annotated|Title 19. Public Retirement Systems|Chapter 2. Public Employees' Retirement General Provisions|Part 7. Service Credit and Additional Contributions|19-2-702. Membership service

  19-2-702. Membership service. A member who is not retired must receive membership service for all periods of service, regardless of hours worked or compensation received during that service. The membership service must be used to determine:   (1) whether a member is vested;   (2) when the member is eligible for service retirement, early retirement, or disability retirement; or   (3) the eligibility of beneficiaries for survivorship benefits.   History: En. Sec. 22, Ch. 265, L. 1993; amd. Sec. 7, Ch. 370, L. 1997; amd. Sec. 7, Ch. 429, L. 2003.