Montana Code 19-2-902. Payment of benefits
19-2-902. Payment of benefits. (1) A retirement benefit or survivorship benefit granted under a retirement system subject to this chapter, other than a benefit under the defined contribution plan, must be payable in monthly installments, except as provided in this part.
Terms Used In Montana Code 19-2-902
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
(2)(a) If a member or beneficiary who is a natural person elects, the board shall pay the member’s accumulated contributions to the member or beneficiary in a single lump sum.
(b)The lump sum must be paid at the time the initial monthly benefit would otherwise be payable.
(c)An election to receive a single lump sum must be made at least 30 days prior to the first payment date.
(3)A beneficiary that is a charitable organization, the estate of the payment recipient, or a trust is eligible only for a single lump sum.
(4)If a benefit recipient dies before the last day of the month, a pro rata amount otherwise payable to the payment recipient must be paid to the designated beneficiary, statutory beneficiary, or contingent annuitant or to the benefit recipient’s estate, as appropriate.