Montana Code 19-21-101. Authority to establish university system retirement program
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19-21-101. Authority to establish university system retirement program. The board of regents may establish a university system retirement program, as provided in this chapter, for the administrative officers and members of the instructional and scientific staff of the Montana university system. The program may be an independent plan or part of a larger plan with respect to some or all of the benefits provided. The benefits under the program must be provided through individual annuity contracts, either fixed or variable, or a combination of contracts, issued to and owned by the participants in the program. The program must comply with applicable sections of the Internal Revenue Code.
Terms Used In Montana Code 19-21-101
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Program: means the university system retirement program established pursuant to this chapter. See Montana Code 19-21-102
- system: means the teachers' retirement system provided for in Title 19, chapter 20. See Montana Code 19-21-102