Montana Code 19-20-203. Officers and employees of retirement board
19-20-203. Officers and employees of retirement board. (1) It is the duty of the retirement board to:
Terms Used In Montana Code 19-20-203
- board: means the retirement system's governing board provided for in 2-15-1010. See Montana Code 19-20-101
- Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
- Quorum: The number of legislators that must be present to do business.
- 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
(a)elect a presiding officer from its membership;
(b)employ an executive director and other technical or administrative employees who are necessary for the transaction of the business of the retirement system and establish their compensation pursuant to Title 2, chapter 18; and
(c)designate an actuary who meets the qualifications established by the retirement board to assist the retirement board with the technical actuarial aspects of the operation of the retirement system, which includes establishing mortality and service tables and making an actuarial investigation at least once every 5 years into the mortality, service, and compensation experience of the members and beneficiaries of the retirement system.
(2)A quorum of the board is three members.