Montana Code 19-20-502. Restrictions on use of money
19-20-502. Restrictions on use of money. (1) A member of the retirement board or an employee of the board may not:
Terms Used In Montana Code 19-20-502
- 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
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Internal Revenue Code: has the meaning provided in 15-30-2101. 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
(a)have an interest, directly or indirectly, in the gains or profits of any investment of money of the retirement system, except as provided in this section;
(b)directly or indirectly, for the member or employee or as an agent, in any manner use the money or deposits of the retirement system except to make current and necessary expenditures authorized by the retirement board; or
(c)become an endorser or surety or in any manner an obligor for money loaned by or borrowed from the retirement system.
(2)The assets of the retirement system may not be used for or diverted to any purpose other than for the exclusive benefit of the members and their beneficiaries and for paying the reasonable expenses of administering the retirement system.
(3)The board may not engage in a transaction prohibited by section 503(b) of the Internal Revenue Code.
(4)The assets of the retirement system must remain in trust until a warrant for the assets has been paid or an electronic funds transfer of system assets has been made in accordance with law.