Montana Code > Title 19 > Chapter 3 > Part 21 – Defined Contribution Plan
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Terms Used In Montana Code > Title 19 > Chapter 3 > Part 21 - Defined Contribution Plan
- 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.
- 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.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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
- 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
- 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.
- 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
- 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
- Oversight: Committee review of the activities of a Federal agency or program.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
- 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
- Statute: A law passed by a legislature.
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
- 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