Montana Code 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.
Terms Used In Montana Code 19-20-426
- board: means the retirement system's governing board provided for in 2-15-1010. See Montana Code 19-20-101
- Contract: A legal written agreement that becomes binding when signed.
- Individual: means a human being. See Montana Code 19-20-101
- Member: means a person who has an individual account in the annuity savings account. See Montana Code 19-20-101
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Service: means the performance of duties that would entitle the person to active membership in the retirement system under the provisions of 19-20-302. See Montana Code 19-20-101
- Vested: means that a member has been credited with at least 5 full years of membership service upon which contributions have been made and has a right to a future retirement benefit. See Montana Code 19-20-101
(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.