Montana Code 19-9-1204. Eligibility — participation criteria — membership status — service interruptions
19-9-1204. Eligibility — participation criteria — membership status — service interruptions. (1) Any member eligible to retire under 19-9-801(1)(a) is eligible 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 19-9-1204
- DROP: means the deferred retirement option plan established pursuant to this part. See Montana Code 19-9-1202
- DROP period: means the period of time that a member irrevocably elects to participate in the DROP pursuant to 19-9-1204. See Montana Code 19-9-1202
- Participant: means a member of the retirement system who has elected to participate in the DROP pursuant to this part. See Montana Code 19-9-1202
(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 remains a member of the retirement system, but may not receive membership service or service credit in the system for the duration of the member’s DROP period.
(5)If participation is interrupted by military service or other temporary absence from work and the participant has not received any distribution from the DROP, then the duration of the absence may not be included in calculating the DROP period.
(6)Subject to the provisions of this section, a member who was eligible to retire under 19-9-801(1) on or after July 1, 2002, but before July 1, 2003, and who elects to participate in the DROP on or before October 1, 2003, may include within the member’s DROP period any time during the period beginning July 1, 2002, and ending June 30, 2003.