Montana Code 19-3-2103. Legislative intent
19-3-2103. Legislative intent. It is the intent of the legislature that, in implementing and administering the defined contribution plan:
Terms Used In Montana Code 19-3-2103
- defined contribution plan: means the defined contribution retirement plan. See Montana Code 19-3-2101
- Member: means a person with a retirement account in the defined contribution plan. See Montana Code 19-3-2101
- Oversight: Committee review of the activities of a Federal agency or program.
(1)changes to current administrative processes and the impact of those changes on employers be minimized to the extent possible;
(2)the administrative structure for the plan be configured in an economical and efficient manner;
(3)administration and services for the plan be contracted out to the extent possible, but that the board provide for the diligent oversight of the contracts;
(4)reasonable member services be provided for and that fees be commensurate with the services;
(5)lines of communication and responsibilities be clearly established so that employers or their personnel and payroll officers do not advise members about plan choices or investment alternatives; and
(6)employers be encouraged to provide paid time for members to attend educational programs sponsored by the board pursuant to 19-3-112.