Terms Used In Montana Code > Title 19 > Chapter 20 > Part 7 - Benefits in General

• Actuarial equivalent: means a benefit of equal value when computed upon the basis of the mortality table and interest rate assumption set by the retirement board. See Montana Code 19-20-101
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Average final compensation: means a member's highest average earned compensation, determined pursuant to 19-20-805, on which all required contributions have been made. See Montana Code 19-20-101
• 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}
• Benefit recipient: means a retired member, a joint annuitant, or a beneficiary who is receiving a retirement allowance. See Montana Code 19-20-101
• 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.
• Earned compensation: means , except as limited by subsections (12)(b) and (12)(c) or by 19-20-715, remuneration paid for the service of a member out of funds controlled by an employer before any pretax deductions allowed under the Internal Revenue Code are deducted. See Montana Code 19-20-101
• Employer: means :

  (a)the state of Montana;

  (b)a public school district, as provided in 20-6-101 and 20-6-701;

  (c)the office of public instruction;

  (d)the board of public education;

  (e)an education cooperative;

  (f)the Montana school for the deaf and blind, as described in 20-8-101;

  (g)the Montana youth challenge program, as defined in 10-1-101;

  (h)a correctional facility, as defined in 41-5-103;

  (i)the Montana university system;

  (j)a community college; or

  (k)any other agency, political subdivision, or instrumentality of the state that employs a person who is designated a member of the retirement system pursuant to 19-20-302. See Montana Code 19-20-101

• 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.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Individual: means a human being. See Montana Code 19-20-101
• Internal Revenue Code: has the meaning provided in 15-30-2101. See Montana Code 19-20-101
• Joint annuitant: means the one person that a retired member who has elected an optional allowance under 19-20-702(2), (4), or (5) has designated to receive a retirement allowance upon the death of the retired member. See Montana Code 19-20-101
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Member: means a person who has an individual account in the annuity savings account. See Montana Code 19-20-101
• normal form benefit: means a monthly retirement benefit payable only for the lifetime of the retired member. See Montana Code 19-20-101
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• plan: means the teachers' retirement system of the state of Montana provided for in 19-20-102. See Montana Code 19-20-101
• Position reportable to the retirement system: means a position in which an individual performs duties that would entitle the person to active membership in the retirement system under the provisions of 19-20-302. See Montana Code 19-20-101
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• 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.
• retiree: means a person who is considered in retired member status under the provisions of 19-20-810. See Montana Code 19-20-101
• retirement benefit: means a monthly payment due to a retired member who has qualified for service or disability retirement or due to a joint annuitant or beneficiary. See Montana Code 19-20-101
• Service: means the performance of duties that would entitle the person to active membership in the retirement system under the provisions of 19-20-302. See Montana Code 19-20-101
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• 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
• termination date: means the last date on which a member performed service in a position reportable to the retirement system. See Montana Code 19-20-101
• Termination pay: means any form of bona fide vacation leave, sick leave, severance pay, amounts provided under a window or early retirement incentive plan, or other payments contingent on the employee terminating employment. See Montana Code 19-20-101
• Tier one member: means a person who became a member before July 1, 2013, and who has not withdrawn the member's account balance. See Montana Code 19-20-101
• Tier two member: means a person who became a member on or after July 1, 2013, or who, after withdrawing the member's account balance, became a member again after July 1, 2013. See Montana Code 19-20-101
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
• Writing: includes printing. See Montana Code 1-1-203
• written election: means a written instrument, required by statute or the rules of the board, properly signed and filed with the board, that contains all the required information, including documentation that the board considers necessary. See Montana Code 19-20-101