Terms Used In Montana Code > Title 19 > Chapter 20 > Part 5 - Management of Funds

• account balance: means the sum of all the amounts deducted from the compensation of a member or paid by a member and credited to the member's individual account in the annuity savings account, together with interest, minus any amount deducted for correction of errors and the aggregate amount of all retirement benefit payments and refunds of accumulated contributions paid to or on behalf of the member. See Montana Code 19-20-101
• Amortization: Paying off a loan by regular installments.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• board: means the retirement system's governing board provided for in 2-15-1010. See Montana Code 19-20-101
• Contract: A legal written agreement that becomes binding when signed.
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Internal Revenue Code: has the meaning provided in 15-30-2101. See Montana Code 19-20-101
• Member: means a person who has an individual account in the annuity savings account. See Montana Code 19-20-101
• Regular interest: means interest at a rate set by the retirement board in accordance with 19-20-501(2). See Montana Code 19-20-101
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• Statute: A law passed by a legislature.
• Vested: means that a member has been credited with at least 5 full years of membership service upon which contributions have been made and has a right to a future retirement benefit. See Montana Code 19-20-101