Montana Code 19-20-102. Retirement system — policy
19-20-102. Retirement system — policy. (1) The state teachers’ retirement system created under the provisions of Chapter 87, Laws of 1937, is the state teachers’ retirement system of the state of Montana, and the provisions of this chapter do not affect or impair the validity of any action taken by its governing board or the rights of any person arising under the provisions of Chapter 87, Laws of 1937, or any subsequent amendment to this chapter. The state teachers’ retirement system is known as “The Teachers’ Retirement System of the State of Montana” and in that name shall transact all business of the retirement system, hold its assets in trust, and have the powers and privileges of a corporation that may be necessary to administer the provisions of this chapter.
Terms Used In Montana Code 19-20-102
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- board: means the retirement system's governing board provided for in 2-15-1010. See Montana Code 19-20-101
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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
- plan: means the teachers' retirement system of the state of Montana provided for in 19-20-102. See Montana Code 19-20-101
- 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
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)It is the policy of the state to:
(a)provide equitable retirement benefits to members of the teachers’ retirement system based on each member‘s normal service and salary;
(b)limit the effect on the retirement system of isolated salary increases received by a member, including but not limited to end-of-career promotions or one-time salary enhancements during the member’s last years of employment; and
(c)limit the compensation that a retired member may earn after retirement while working in a position that would normally be covered under the teachers’ retirement system to the amount determined under 19-20-731.
(3)It is the policy of the state to ensure that public employees are reported to the correct public retirement system. The retirement system shall enter into memoranda of understanding with the public employees’ retirement board to exchange retirement system-related confidential information regarding members, former members, or retirees. A memorandum must state that:
(a)the information may be used only for reasons related to verifying appropriate pension plan participation; and
(b)the requesting retirement system agrees to protect the confidentiality of the information and will disclose the requested information only as necessary to conduct official business.