reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 2. Administration of System › 19-20-212. General internal revenue service qualification rules

19-20-212. General internal revenue service qualification rules.
(1) The board shall distribute the corpus and income of the system to the members and their beneficiaries in accordance with the system's law. The corpus and income may not, at any time before the satisfaction of all liabilities with respect to members and their beneficiaries, be used for, or diverted to, purposes other than the exclusive benefit of the members and their beneficiaries.
(2) Forfeitures arising from severance of employment, from death, or for any other reason may not be applied to increase the benefits that any member would otherwise receive under the state's law. However, forfeitures may be used to reduce the costs of administration.
(3) Distributions from the system may be made only upon retirement, separation from service, disability, or death.
(4) Notwithstanding any provision of law to the contrary, contributions, benefits, and service credit with respect to qualified military service must be provided in accordance with section 414(u) of the Internal Revenue Code and the federal Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. 4301, et seq.
(5) (a) If at any time that the board finds that benefits payable or contributions required under this chapter would exceed the limits established under section 415 of the Internal Revenue Code, the board may establish a qualified governmental excess benefit arrangement and adopt rules for the necessary and appropriate procedures for the administration of the benefit arrangement in accordance with the Internal Revenue Code and this section.
(b) An excess benefit arrangement established pursuant to this section is subject to the following requirements:
(i) The amount of any annual benefit that would exceed the limitations imposed by section 415 of the Internal Revenue Code must be paid from the benefit arrangement.
(ii) The amount of a contribution that would exceed the limitation imposed by section 415 of the Internal Revenue Code must be credited to the benefit arrangement.
(iii) The benefit arrangement must be a separate part of the system.
(iv) The benefit arrangement must be maintained solely for the purpose of providing to members in the system that part of the member's annual benefit or contribution otherwise payable under the terms of this chapter that exceeds the limitations on benefits or contributions imposed by section 415 of the Internal Revenue Code.
(v) Members may not elect, directly or indirectly, to defer compensation to the benefit arrangement.
(6) The limitation year for purposes of section 415 of the Internal Revenue Code is the school year beginning September 1 and ending August 31.
(7) The plan year is the fiscal year beginning July 1 and ending June 30.
History: En. Sec. 4, Ch. 111, L. 1999; amd. Sec. 4, Ch. 174, L. 2003; amd. Sec. 2, Ch. 320, L. 2005.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 2. Administration of System › 19-20-215. Presentation to board of investments

19-20-215. Presentation to board of investments.
The retirement 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 system and brief the board of investments on any benefit changes being considered by the retirement board that may affect trust fund obligations.
History: En. Sec. 3, Ch. 285, L. 2007.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 2. Administration of System › 19-20-216. Board to make special report

19-20-216. Board to make special report.
As soon as possible after the completion of each annual actuarial valuation for the teachers' retirement system, the board shall have its actuary present a detailed actuarial report in accordance with 5-11-210 to the legislative finance committee and to the state administration and veterans' affairs interim committee. The actuarial report must provide a trend analysis of the system's actual and projected progress toward 100% funding. The reporting requirement may be addressed in reports provided in accordance with 19-20-201.
History: En. Sec. 20, Ch. 389, L. 2013; amd. Sec. 45, Ch. 261, L. 2021.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 3. Membership › 19-20-301. Membership application

19-20-301. Membership application.
Whenever a person becomes a member of the retirement system as required by 19-20-302, the person shall complete an application form prescribed by the retirement board.
History: En. 75-6212 by Sec. 107, Ch. 5, L. 1971; amd. Sec. 5, Ch. 507, L. 1973; amd. Sec. 8, Ch. 127, L. 1977; amd. Sec. 7, Ch. 331, L. 1977; R.C.M. 1947, 75-6212(1); Sec. 19-4-301, MCA 1991; redes. 19-20-301 by Code Commissioner, 1993; amd. Sec. 258, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 3. Membership › 19-20-304. Repealed

19-20-304. Repealed.
Sec. 22, Ch. 276, L. 2019.
History: En. 75-6211 by Sec. 106, Ch. 5, L. 1971; amd. Sec. 7, Ch. 127, L. 1977; R.C.M. 1947, 75-6211; Sec. 19-4-304, MCA 1991; redes. 19-20-304 by Code Commissioner, 1993; amd. Sec. 260, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 3. Membership › 19-20-306. Execution or withholding for support obligation

19-20-306. Execution or withholding for support obligation.
(1) Benefits in the retirement system are subject to execution and income withholding for the payment of a participant's support obligation.
(2) For purposes of this section:
(a) "Execution" means a warrant for distraint issued or a writ of execution obtained by the department of public health and human services when providing support enforcement services under Title IV-D of the Social Security Act.
(b) "Income withholding" means an income-withholding order issued under the provisions of Title 40, chapter 5, part 3 or 4, or an income-withholding order issued in another state as provided in 40-5-1046 through 40-5-1051.
(c) "Participant" means a member or an actual or potential beneficiary, survivor, or contingent annuitant of a retirement system designated pursuant to this chapter.
(d) "Support obligation" has the meaning provided in 40-5-403 for support order.
(3) The execution or income-withholding order may not require:
(a) a type or form of benefit, option, or payment not available to the affected participant under the retirement system; or
(b) an amount or duration of payment greater than that available to a participant under the retirement system.
(4) The execution or income-withholding order may only provide for payment as follows:
(a) Service retirement benefit payments or withdrawals of member contributions may be apportioned by directing payment of a percentage of the amount payable or payment of a fixed amount of no more than the amount payable to the participant.
(b) The maximum amount of disability or survivorship benefits that may be apportioned and paid under this section is the monthly benefit amount that would have been payable on the date of termination of service if the member had retired without disability or death.
(c) Retirement benefit adjustments for which a participant is eligible after retirement may be apportioned only if existing benefit payments are apportioned. The adjustments must be apportioned in the same ratio as existing benefit payments.
(d) Payments must be limited to the life of the appropriate participant. The duration of payments under this section may be further limited only to a specified maximum time or the life of a specified participant. Payments may also be limited to a specific amount per month if the number of payments is specified.
History: En. Sec. 15, Ch. 552, L. 1997.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 3. Membership › 19-20-307. Establishing independent contractor status

19-20-307. (Effective July 1, 2024) Establishing independent contractor status.
(1) (a) An individual working in a position reportable to the retirement system is presumed to be a common law employee of the employer and not an independent contractor.
(b) Until the status of an individual working in a position reportable to the retirement system is conclusively established to be that of an independent contractor, the individual must be reported to the retirement system as an active member or working retiree, as appropriate, not as an independent contractor.
(2) (a) An employer who asserts that an individual working in a position reportable to the retirement system is an independent contractor shall conclusively establish that the individual is an independent contractor and not a common law employee of the employer by:
(i) a written determination prepared by an attorney, an employment or human resources professional, or another individual who is qualified to make worker status determinations;
(ii) an order of a court of competent jurisdiction; or
(iii) internal revenue service form SS-8.
(b) (i) An individual making the determination must provide with their written determination their full name, professional designations, business name, business address, and business telephone number.
(ii) The written determination or order must comprehensively address the internal revenue service criteria related to the facts and circumstances of the specific worker in the specific position at issue and must provide a reasoned discussion of each criterion and its application to the specific facts and circumstances of the work and the position, not merely provide a conclusory statement of finding.
(iii) An independent contractor exemption certificate by the Montana department of labor and industry must meet all of the requirements of this subsection (2).
(3) Any costs incurred to conclusively establish the independent contractor status of an individual working in a position reportable to the retirement system, as specified in this section, must be the sole responsibility of the employer.
History: En. Sec. 1, Ch. 245, L. 2023.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 4. Creditable Service › 19-20-404. Creditable service for active service in military, red cross, or merchant marine

19-20-404. Creditable service for active service in military, red cross, or merchant marine.
(1) Subject to 19-20-405, a vested member may receive up to 4 years of creditable service without cost for active service in the armed forces of the United States, which includes the army, navy, marine corps, air force, and coast guard, during the Korean war between June 1, 1950, and January 31, 1955, and the Vietnam conflict between December 22, 1961, and May 7, 1975, dates inclusive. To receive credit for this service, a member shall submit to the board a written application and proper certification of the member's military service.
(2) (a) If a vested member is ineligible for service credit under subsection (1), the member may apply under the provisions of this subsection (2)(a) for creditable service in the retirement system for active service in the armed forces of the United States, which includes the army, navy, marine corps, air force, and coast guard, or in the American red cross or the merchant marine. The member must be awarded creditable service for the number of years, not exceeding 2, that the retirement board determines to be creditable service if the member contributes to the retirement system an amount equal to the combined employer and employee contributions for the member's first full year's salary earned in a position reportable to the retirement system following the active service in the armed forces of the United States, the American red cross, or the merchant marine for each year of creditable service plus interest paid as follows:
(i) if a written application to purchase service is signed prior to July 1, 2012, at the rate the contribution would have earned had the contribution been in the member's account upon completion of 5 years of membership service in Montana; or
(ii) 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.
(b) The contribution rate is that rate in effect at the time the member is eligible for the service.
(3) The contribution required under subsection (2) may be made in a lump-sum payment or in installments as agreed between the member and the retirement board.
History: En. 75-6213 by Sec. 108, Ch. 5, L. 1971; amd. Sec. 3, Ch. 57, L. 1971; amd. Sec. 6, Ch. 507, L. 1973; amd. Sec. 4, Ch. 26, L. 1975; amd. Sec. 9, Ch. 127, L. 1977; R.C.M. 1947, 75-6213(3); amd. Sec. 1, Ch. 193, L. 1981; amd. Sec. 4, Ch. 113, L. 1989; amd. Sec. 1, Ch. 204, L. 1989; amd. Sec. 1, Ch. 185, L. 1993; Sec. 19-4-404, MCA 1991; redes. 19-20-404 by Code Commissioner, 1993; amd. Sec. 6, Ch. 111, L. 1999; amd. Sec. 34, Ch. 7, L. 2001; amd. Sec. 8, Ch. 45, L. 2001; amd. Sec. 4, Ch. 151, L. 2011; amd. Sec. 15, Ch. 210, L. 2015.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 4. Creditable Service › 19-20-405. Limit on creditable service that may be awarded

19-20-405. Limit on creditable service that may be awarded.
The aggregate years of service that may be credited under 19-20-402 through 19-20-404, 19-20-408, 19-20-410(1), and 19-20-426 may not exceed 5 years.
History: En. 75-6213 by Sec. 108, Ch. 5, L. 1971; amd. Sec. 3, Ch. 57, L. 1971; amd. Sec. 6, Ch. 507, L. 1973; amd. Sec. 4, Ch. 26, L. 1975; amd. Sec. 9, Ch. 127, L. 1977; R.C.M. 1947, 75-6213(4); amd. Sec. 3, Ch. 79, L. 1987; Sec. 19-4-405, MCA 1991; redes. 19-20-405 by Code Commissioner, 1993; amd. Sec. 3, Ch. 136, L. 1995; amd. Sec. 1, Ch. 408, L. 1997; amd. Sec. 7, Ch. 111, L. 1999; amd. Sec. 6, Ch. 59, L. 2011; amd. Sec. 16, Ch. 210, L. 2015.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 4. Creditable Service › 19-20-406. Repealed

19-20-406. Repealed.
Sec. 20, Ch. 282, L. 2009.
History: En. 75-6213 by Sec. 108, Ch. 5, L. 1971; amd. Sec. 3, Ch. 57, L. 1971; amd. Sec. 6, Ch. 507, L. 1973; amd. Sec. 4, Ch. 26, L. 1975; amd. Sec. 9, Ch. 127, L. 1977; R.C.M. 1947, 75-6213(5); Sec. 19-4-406, MCA 1991; redes. 19-20-406 by Code Commissioner, 1993.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 4. Creditable Service › 19-20-407. No duplication of credit for same period of service

19-20-407. No duplication of credit for same period of service.
A member may not receive duplicate credit for the same period of service. A retiree returning to active service may not be granted creditable service for the same period of time that the retiree was receiving a retirement benefit.
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(9); Sec. 19-4-407, MCA 1991; redes. 19-20-407 by Code Commissioner, 1993; amd. Sec. 2, Ch. 408, L. 1997; amd. Sec. 5, Ch. 320, L. 2005.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 4. Creditable Service › 19-20-408. Creditable service for employment in private schools

19-20-408. Creditable service for employment in private schools.
(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 private school employment 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 employment within the United States in a private elementary, secondary, or postsecondary educational institution.
(b) Employment to be credited must be of an instructional nature, as an administrative officer, or as a member of the scientific staff. If the employment is for teaching kindergarten through grade 12, the service must have been performed as a certified teacher.
(c) Members may not receive credit for service as a student employed by a private elementary, secondary, or postsecondary educational institution.
(2) (a) For each year of service to be credited, a member who became a member before July 1, 1989, shall contribute to the retirement system an amount equal to the combined employer and employee contribution for the member's first full year's salary earned in a position reportable to the retirement system after becoming a member of the retirement system or after returning to the retirement system, whichever is later, plus interest. The contribution rate must be that rate in effect at the time the member is eligible to purchase the service.
(b) For each year of service to be credited under this section, a member who became a member on or after July 1, 1989, shall contribute the actuarial cost of the service based on the most recent valuation of the system.
(3) The interest on contributions required under subsection (2)(a) must be paid:
(a) if a written application to purchase service was signed prior to July 1, 2012, at the rate that the contributions would have earned had the contributions been in the member's account from the date the member was eligible to purchase the service; 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.
(4) The contributions and interest may be made in lump-sum payment or in installments as agreed between the person and the retirement board.
History: En. Sec. 1, Ch. 551, L. 1981; amd. Sec. 5, Ch. 113, L. 1989; Sec. 19-4-408, MCA 1991; redes. 19-20-408 by Code Commissioner, 1993; amd. Sec. 4, Ch. 136, L. 1995; amd. Sec. 9, Ch. 45, L. 2001; amd. Sec. 5, Ch. 151, L. 2011; amd. Sec. 12, Ch. 55, L. 2015; amd. Sec. 17, Ch. 210, L. 2015.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 4. Creditable Service › 19-20-410. Creditable service for extension service employment

19-20-410. Creditable service for extension service employment.
(1) (a) Subject to 19-20-405, at any time before retirement, a vested member may file a written application with the retirement board to purchase up to 5 years of employment service with the Montana cooperative extension service if:
(i) the member became a member of the retirement system before July 1, 1989;
(ii) the service involved instructional service at a unit of the Montana university system; and
(iii) the member received a refund of membership contributions under the civil service retirement system or the federal employees' retirement system for the service to be purchased.
(b) For each year of service to be purchased under subsection (1)(a), the member shall contribute to the retirement system an amount equal to the combined employer and employee contribution rate in effect at the time that the member is eligible to purchase the service multiplied by the member's first full year's salary earned in a position reportable to the retirement system subsequent to the member's extension service employment, plus interest paid as follows:
(i) if a written application to purchase service was signed prior to July 1, 2012, at the rate that the contribution would have earned had the contribution been in the member's account upon the member becoming vested; or
(ii) 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) In addition to service purchased under subsection (1) and subject to 19-20-407, a member who has purchased 5 years or more of creditable service in the retirement system may purchase additional years of cooperative extension service by contributing to the system the full actuarial cost of the service.
(3) Contributions to purchase service under this section may be made in a lump-sum payment or in installments as agreed upon by the member and the retirement board.
History: En. Sec. 1, Ch. 79, L. 1987; amd. Sec. 6, Ch. 113, L. 1989; Sec. 19-4-410, MCA 1991; redes. 19-20-410 by Code Commissioner, 1993; amd. Sec. 3, Ch. 408, L. 1997; amd. Sec. 11, Ch. 45, L. 2001; amd. Sec. 6, Ch. 151, L. 2011; amd. Sec. 13, Ch. 55, L. 2015; amd. Sec. 19, Ch. 210, L. 2015.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 4. Creditable Service › 19-20-411. Absence because of employment-related injury

19-20-411. Absence because of employment-related injury.
(1) Subject to the limitation in subsection (6), a member who is absent because of an injury entitling the member to workers' compensation payments may purchase as creditable service the time during which the member is absent. To purchase this service, a member shall contribute to the retirement system as provided in subsection (2) upon the member's return to contributing membership service.
(2) (a) A member who became a member before July 1, 1989, shall contribute an amount equal to:
(i) the contributions that the member would have made had the member not been absent, based on the member's compensation at the commencement of the absence;
(ii) the interest that begins to accrue 1 year from the date that the member returns to covered employment; and
(iii) the interest not paid by the employer under subsection (3).
(b) A member who became a member on or after July 1, 1989, shall pay the actuarial cost of the service based on the most recent valuation of the system.
(3) When a member elects to contribute under subsection (2)(a), the employer shall contribute an amount equal to the contributions that would have been made by the employer had the member not been absent, based on the member's compensation at the commencement of the absence. The employer may contribute an amount equal to the interest accruing on the employer's contributions calculated in the same manner as interest on the employee's contributions under subsection (2)(a). If the employer elects not to pay the interest, this amount must be paid by the employee.
(4) A member shall file with the retirement board a written notice of the member's intent to pay the contributions under subsection (2).
(5) Payment of the employee's contributions may be made in one sum at the time of filing the notice or in installments before termination of covered employment as agreed between the board and the member.
(6) A member absent as provided in subsection (1) loses the right to contribute under this section if the member's accumulated normal contributions are refunded under 19-20-603.
(7) The maximum amount of membership service allowable under this section is 2 years.
History: En. Sec. 1, Ch. 38, L. 1987; amd. Sec. 7, Ch. 113, L. 1989; Sec. 19-4-411, MCA 1991; redes. 19-20-411 by Code Commissioner, 1993; amd. Sec. 5, Ch. 136, L. 1995; amd. Sec. 12, Ch. 45, L. 2001.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 4. Creditable Service › 19-20-412. Repealed

19-20-412. Repealed.
Sec. 26, Ch. 111, L. 1999.
History: En. Sec. 1, Ch. 113, L. 1989; amd. Sec. 1, Ch. 8, L. 1991; Sec. 19-4-412, MCA 1991; redes. 19-20-412 by Code Commissioner, 1993; amd. Sec. 6, Ch. 136, L. 1995; amd. Sec. 10, Ch. 442, L. 1997.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 4. Creditable Service › 19-20-413. Repealed

19-20-413. Repealed.
Sec. 26, Ch. 111, L. 1999.
History: En. Sec. 1, Ch. 13, L. 1991; Sec. 19-4-413, MCA 1991; redes. 19-20-413 by Code Commissioner, 1993.
2023 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.
2023 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.
2023 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 has filed an irrevocable election with their employer not to participate in the retirement system for the first 210 hours of service under 19-20-302 and who subsequently becomes a member within the same fiscal year must be awarded creditable service for the first 210 hours of service if the member contributes the employee and employer contributions that would have been made if the member had been a member from the first date of service in that fiscal year, plus interest at the current actuarial assumed rate of investment return.
(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 within the same fiscal year may purchase the first 30 days of service if the member contributes the employee and employer contributions that would have been made if the person had been a member from the first date of service in that fiscal year, plus interest at the current actuarial assumed rate of investment return.
(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 at the current actuarial assumed rate of investment return.
(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.
(5) Only one service purchase may be made by any member under subsection (1) or (2).
History: En. Sec. 11, Ch. 111, L. 1999; amd. Sec. 15, Ch. 45, L. 2001; amd. Sec. 4, Ch. 245, L. 2023.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Montana Code Annotated › Title 19. Public Retirement Systems › Chapter 20. Teachers' Retirement › Part 6. Funds -- Contributions › 19-20-608. Member supplemental contribution -- actuarially determined adjustments -- effective dates

19-20-608. Member supplemental contribution -- actuarially determined adjustments -- effective dates.
(1) (a) Subject to subsections (1)(b) and (1)(c), a tier one member shall contribute to the retirement system a supplemental amount equal to 1% of the member's earned compensation.
(b) The board may decrease the tier one member supplemental contribution if:
(i) the average funded ratio of the system based on the last three actuarial valuations is equal to or greater than 90%; and
(ii) the period necessary to amortize all liabilities of the system based on the most recent annual actuarial valuation is less than 15 years.
(c) Following one or more decreases in the supplemental contribution rate pursuant to subsection (1)(b), the board may increase the supplemental contribution to a rate not to exceed 1% if:
(i) the average funded ratio of the system based on the last three annual actuarial valuations is equal to or less than 80%; and
(ii) the period necessary to amortize all liabilities of the system based on the most recent annual actuarial valuation is greater than 20 years.
(2) (a) Subject to subsection (2)(b), on or after January 1, 2023, the board may require a tier two member to contribute to the retirement system a supplemental amount if:
(i) the average funded ratio of the system based on the last three annual actuarial valuations is equal to or less than 80%;
(ii) the period necessary to amortize all liabilities of the system based on the latest annual actuarial valuation is greater than 20 years; and
(iii) a state or employer contribution rate increase or a flat dollar contribution to the retirement system trust fund has been enacted that is equivalent to or greater than the supplemental contribution rate imposed by the board pursuant to this subsection (2)(a).
(b) A tier two member supplemental contribution increase under this subsection (2) may not:
(i) exceed 0.5% of earned compensation; and
(ii) result in an aggregate tier two member contribution rate of more than 9.15% when added to the normal contribution rate required under 19-20-602.
(c) Following imposition of a supplemental contribution rate increase under this subsection (2), the board may decrease the supplemental contribution rate if:
(i) the average funded ratio of the system based on the previous three annual actuarial valuations is equal to or greater than 90%; and
(ii) the period necessary to amortize all liabilities of the system based on the latest annual actuarial valuation is less than 15 years.
(3) After the board has actuarially determined the need to impose, increase, or decrease a supplemental contribution rate under this section, the imposition, increase, or decrease is effective on the first day of July following the board's determination.
History: En. Sec. 6, Ch. 389, L. 2013.