Montana Code 19-6-505. Payment of retirement benefits
19-6-505. Payment of retirement benefits. (1) The service retirement benefit must be paid to the retired member for the remainder of the member’s life.
Terms Used In Montana Code 19-6-505
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Dependent: A person dependent for support upon another.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(2)Upon the retired member’s death, the retirement benefit must be paid to the member’s surviving spouse, if there is one.
(3)(a) If upon the retired member’s death there is no surviving spouse or if the spouse dies, the retirement benefit must be paid as provided in subsection (3)(c) to the retired member’s child, if there is one, for as long as the child remains a dependent child.
(b)If there is more than one dependent child, the retirement benefit must be paid as provided in subsection (3)(c) to the children collectively. When a child is no longer a dependent child, the pro rata payments to that child must cease and be made to the remaining child or children until all the children are no longer dependent.
(c)Payments to a dependent child must be made pursuant to 19-2-803.
(4)If a retired member dies without a surviving spouse or dependent child, the member’s designated beneficiary must be paid the amount, if any, of the retired member’s accumulated contributions minus the total of any retirement benefits already paid from the member’s account.