Montana Code 19-20-504. Vesting of retirement allowances upon termination of system
Current as of: 2023 | Check for updates
|
Other versions
19-20-504. Vesting of retirement allowances upon termination of system. Upon termination of the retirement system, termination of employment of a substantial number of members which would constitute a partial termination of the retirement system, or complete discontinuance of contributions to the retirement system, the retirement allowance accrued to each member directly affected by such occurrence becomes fully vested and nonforfeitable to the extent funded.
Terms Used In Montana Code 19-20-504
- Member: means a person who has an individual account in the annuity savings account. See Montana Code 19-20-101
- Vested: means that a member has been credited with at least 5 full years of membership service upon which contributions have been made and has a right to a future retirement benefit. See Montana Code 19-20-101