Montana Code 19-6-1002. Definitions

19-6-1002. Definitions. Unless the context requires otherwise, as used in this part, the following definitions apply:

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DROP: means the deferred retirement option plan established pursuant to this part. See Montana Code 19-6-1002
DROP account: means the member's accumulated monthly DROP accruals, plus interest. See Montana Code 19-6-1002
Participant: means a member of the retirement system who has elected to participate in the DROP pursuant to this part. See Montana Code 19-6-1002

(1)”DROP” means the deferred retirement option plan established pursuant to this part.

(2)”DROP account” means the member’s accumulated monthly DROP accruals, plus interest.

(3)”DROP benefit” means the lump-sum benefit calculated and distributed as provided in this part.

(4)”DROP period” means the period of time that a member irrevocably elects to participate in the DROP subject to the provisions of 19-6-1004.

(5)”Monthly DROP accrual” means the amount credited monthly to a participant‘s DROP account under 19-6-1005.

(6)”Participant” means a member of the retirement system who has elected to participate in the DROP pursuant to this part.