Montana Code 19-20-503. Forfeiture of unclaimed account balances or benefits
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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.
Terms Used In Montana Code 19-20-503
- account balance: means the sum of all the amounts deducted from the compensation of a member or paid by a member and credited to the member's individual account in the annuity savings account, together with interest, minus any amount deducted for correction of errors and the aggregate amount of all retirement benefit payments and refunds of accumulated contributions paid to or on behalf of the member. 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
(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.