Montana Code 19-6-1008. Distribution of DROP benefit
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19-6-1008. Distribution of DROP benefit. (1) Upon termination of service, a participant is entitled to:
Terms Used In Montana Code 19-6-1008
- DROP: means the deferred retirement option plan established pursuant to this part. See Montana Code 19-6-1002
- DROP benefit: means the lump-sum benefit calculated and distributed as provided in this part. 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
(a)receive a lump-sum distribution of the participant’s DROP benefit;
(b)roll the participant’s DROP benefit into another eligible retirement plan in a manner prescribed and authorized by the board; or
(c)any other distribution or method of payment of the DROP benefit approved by the board.
(2)A distribution pursuant to this section is subject to the provisions of 19-2-907 and 19-2-909 and all other applicable provisions of Title 19 and the Internal Revenue Code.