Montana § 19-18-403 Investment Of Fund By Board Of Investments

Montana Statutes

§ 19-18-403 — Investment Of Fund By Board Of Investments

Montana·Title 19 PUBLIC RETIREMENT SYSTEMS·Ch. 18 FIREFIGHTERS' RETIREMENT·Part 4 Management of Association -- Investment of Fund

19-18-403 . Investment of fund by board of investments.

(1)Whenever the average yield on investments of public retirement funds under the board of investments exceeds by 1% in any fiscal year the average yield on investments of the fund made pursuant to 19-18-402 , the surplus money in the fund must be remitted to the state treasurer for investment under the direction of the board of investments as is provided in 17-6-204 . The board of investments shall advise the association of the current yield on investments of public retirement funds.

(2)As used in subsection (1), "surplus money" means the excess over the greater of the following:

(a)1 1/2 times the monthly benefit paid in the preceding month; or

(b)$5,000.

Free access — add to your briefcase to read the full text and ask questions with AI

19-18-403 . Investment of fund by board of investments. (1) Whenever the average yield on investments of public retirement funds under the board of investments exceeds by 1% in any fiscal year the average yield on investments of the fund made pursuant to 19-18-402 , the surplus money in the fund must be remitted to the state treasurer for investment under the direction of the board of investments as is provided in 17-6-204 . The board of investments shall advise the association of the current yield on investments of public retirement funds.
(2) As used in subsection (1), "surplus money" means the excess over the greater of the following:
(a) 1 1/2 times the monthly benefit paid in the preceding month; or
(b) $5,000.

Montana § 19-18-403 (Investment Of Fund By Board Of Investments) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

En. Sec. 5, Ch. 71, L. 1907; Sec. 3338, Rev. C. 1907; re-en. Sec. 5121, R.C.M. 1921; amd. Sec. 5, Ch. 58, L. 1927; amd. Sec. 1, Ch. 30, L. 1933; re-en. Sec. 5121, R.C.M. 1935; amd. Sec. 1, Ch. 9, L. 1963; amd. Sec. 1, Ch. 2, L. 1974; amd. Sec. 53, Ch. 348, L. 1974; amd. Sec. 1, Ch. 366, L. 1974; amd. Sec. 1, Ch. 197, L. 1975; amd. Sec. 17, Ch. 213, L. 1975; amd. Sec. 5, Ch. 157, L. 1977; R.C.M. 1947, 11-1914(2)(c); amd. Sec. 2, Ch. 393, L. 1979; amd. Sec. 7, Ch. 274, L. 1981; amd. Sec. 55, Ch. 566, L. 1981; amd. Sec. 1, Ch. 287, L. 1983; Sec. 19-11-403 , MCA 1991; redes. 19-18-403 by Code Commissioner, 1993; amd. Sec. 49, Ch. 483, L. 2001.