Terms Used In Montana Code > Title 19 > Chapter 3 > Part 9 - Service Retirement Benefits

• 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.
• 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
• 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
• 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.
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• 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