Terms Used In Montana Code > Title 19 > Chapter 9 - Police Retirement -- Statewide Plan

• 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}
• 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 19-9-1202
• DROP account: means the member's accumulated monthly DROP accruals, including any postretirement adjustments, plus interest. See Montana Code 19-9-1202
• DROP benefit: means the lump-sum benefit calculated and distributed as provided in this part. See Montana Code 19-9-1202
• DROP period: means the period of time that a member irrevocably elects to participate in the DROP pursuant to 19-9-1204. See Montana Code 19-9-1202
• Fiduciary: A trustee, executor, or administrator.
• 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.
• Participant: means a member of the retirement system who has elected to participate in the DROP pursuant to this part. See Montana Code 19-9-1202
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201