Montana Code 19-6-1004. Eligibility — participation criteria — membership status — service interruptions
19-6-1004. Eligibility — participation criteria — membership status — service interruptions. (1) Any member eligible to retire under 19-6-501 is eligible for and may elect to participate in the DROP by filing a one-time irrevocable election with the board on a form prescribed by the board.
Terms Used In Montana Code 19-6-1004
- DROP: means the deferred retirement option plan established pursuant to this part. See Montana Code 19-6-1002
- 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. 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
(2)A member electing to participate in the DROP shall participate for a minimum of 1 month and may not participate for more than 5 years.
(3)A member may participate in the DROP only once.
(4)A participant in the DROP remains a member of the retirement system but may not receive membership service or service credit in the system for the duration of the participant’s DROP period.
(5)If participation is interrupted by military service or disability before the participant retires, then the duration of the absence may not be included in calculating the DROP period.