Terms Used In Montana Code > Title 19 > Chapter 3 - Public Employees' Retirement System

• Agency: means an office, position, commission, committee, board, department, council, division, bureau, section, or any other entity or instrumentality of the executive branch of state government. See Montana Code 2-15-102
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• 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.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Compensation: means remuneration paid out of funds controlled by an employer in payment for the member's services or for time during which the member is excused from work because of a holiday or because the member has taken compensatory leave, sick leave, annual leave, banked holiday time, or a leave of absence before any pretax deductions allowed by state or federal law are made. See Montana Code 19-3-108
• Contracting employer: means any political subdivision or governmental entity that has contracted to come into the system under this chapter. See Montana Code 19-3-108
• Defined benefit plan: means the plan within the public employees' retirement system established in 19-3-103 that is not the defined contribution plan. See Montana Code 19-3-108
• defined contribution plan: means the defined contribution retirement plan. See Montana Code 19-3-2101
• Department: means a principal functional and administrative entity that:

  (a)is created by this chapter within the executive branch of state government;

  (b)is one of the 20 principal departments permitted under the constitution; and

  (c)includes its units. See Montana Code 2-15-102

• Dependent: A person dependent for support upon another.
• Employer: means the state of Montana, its university system or any of the colleges, schools, components, or units of the university system for the purposes of this chapter, or any contracting employer. See Montana Code 19-3-108
• Employer contributions: means payments to a pension trust fund pursuant to 19-3-316 from appropriations of the state of Montana and from contracting employers. See Montana Code 19-3-108
• Executive branch: means the executive branch of state government referred to in Article III, section 1, and Article VI of the Montana constitution. See Montana Code 2-15-102
• 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.
• Function: means a duty, power, or program, exercised by or assigned to an agency, whether or not specifically provided for by law. See Montana Code 2-15-102
• Highest average compensation: means :

  (i)for a member hired prior to July 1, 2011, the highest average monthly compensation during any 36 consecutive months of membership service;

  (ii)for a member hired on or after July 1, 2011, the highest average monthly compensation during any 60 consecutive months of membership service; or

  (iii)in the event a member has not served the minimum specified period of service, the total compensation earned divided by the months of membership service. See Montana Code 19-3-108

• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Member: means a person with a retirement account in the defined contribution plan. See Montana Code 19-3-2101
• 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.
• Property: means real and personal property. See Montana Code 1-1-205
• retirement system: means the public employees' retirement system established in 19-3-103. See Montana Code 19-3-108
• Statute: A law passed by a legislature.
• University system retirement program: means the retirement plan established by the board of regents under Title 19, chapter 21. See Montana Code 19-3-2101