Terms Used In Montana Code > Title 19 > Chapter 3 > Part 3 - Contributions and Refunds

• Amortization: Paying off a loan by regular installments.
• 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
• 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
• 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
• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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