Terms Used In Montana Code > Title 19 > Chapter 3 > Part 2 - Extension of Coverage by Local Government Employers

• 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.
• 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}
• Contract: A legal written agreement that becomes binding when signed.
• 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
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• 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
• 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
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• 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
• 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
• Writing: includes printing. See Montana Code 1-1-203