Terms Used In Montana Code > Title 19 > Chapter 6 - Highway Patrol Officers' Retirement

• 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
• 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}
• 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.
• DROP: means the deferred retirement option plan established pursuant to this part. See Montana Code 19-6-1002
• DROP account: means the member's accumulated monthly DROP accruals, plus interest. See Montana Code 19-6-1002
• DROP benefit: means the lump-sum benefit calculated and distributed as provided in this part. See Montana Code 19-6-1002
• DROP period: means the period of time that a member irrevocably elects to participate in the DROP subject to the provisions of 19-6-1004. See Montana Code 19-6-1002
• 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.
• Legacy: A gift of property made by will.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Oversight: Committee review of the activities of a Federal agency or program.
• Participant: means a member of the retirement system who has elected to participate in the DROP pursuant to this part. See Montana Code 19-6-1002
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.