Montana Code > Title 19 > Chapter 6 > Part 10 – Deferred Retirement Option Plan (DROP)


§ 19-6-1001	Short title
§ 19-6-1002	Definitions
§ 19-6-1003	Deferred retirement option plan established — rulemaking
§ 19-6-1004	Eligibility — participation criteria — membership status — service interruptions
§ 19-6-1005	Retirement system contributions — benefit payments to individual DROP accounts — investment returns
§ 19-6-1006	Survivorship benefit
§ 19-6-1007	Employment and benefits after DROP period
§ 19-6-1008	Distribution of DROP benefit

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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}
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
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
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