Montana Statutes
§ 19-2-1002 — Termination Of Plan
Montana·Title 19 PUBLIC RETIREMENT SYSTEMS·Ch. 2 PUBLIC EMPLOYEES' RETIREMENT GENERAL PROVISIONS·Part 10 Special Provisions
19-2-1002 . Termination of plan.
(1)Upon termination of a retirement system or plan, termination of employment of a substantial number of members that would constitute a partial termination of the retirement system or plan, or complete discontinuance of contributions to that retirement system or plan, the retirement benefit accrued to each member directly affected by the occurrence becomes fully vested and nonforfeitable to the extent funded.
(2)A plan member is 100% vested in the member's accumulated contributions at all times.
(3)At any time prior to satisfaction of all liabilities to members and their beneficiaries under the retirement system or plan, any part of a member's accumulated contributions may not be used for or diverted to purposes other than the exclusive benefit of membe
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Legislative History
En. 68-1901 by Sec. 22, Ch. 323, L. 1973; amd. Sec. 5, Ch. 99, L. 1977; amd. Sec. 3, Ch. 286, L. 1977; amd. Sec. 10, Ch. 332, L. 1977; R.C.M. 1947, 68-1901(8); amd. Sec. 36, Ch. 265, L. 1993; Sec. 19-3-606 , MCA 1991; redes. 19-2-1002 by Sec. 238, Ch. 265, L. 1993; amd. Sec. 24, Ch. 471, L. 1999; amd. Sec. 7, Ch. 490, L. 2001; amd. Sec. 7, Ch. 284, L. 2009.
Nearby Sections
15
§ 19-2-1001
Maximum Contribution And Benefit Limitations§ 19-2-1002
Termination Of Plan§ 19-2-1004
Exemption From Taxes And Legal Process§ 19-2-1005
Compensation Limit§ 19-2-1006
Use Of Forfeitures§ 19-2-1007
Required Distributions§ 19-2-1008
Budget Act Superseded§ 19-2-1009
Penalty For Fraud§ 19-2-101
Renumbered 19-50-101§ 19-2-1010
Retaining Qualified Plan Status -- Content Of Plan Document -- Board Rulemaking Authority§ 19-2-1012
Reserved