§ 19-2-902 — Payment Of Benefits

Montana § 19-2-902

• Jurisdiction: Montana
• Title 19: PUBLIC RETIREMENT SYSTEMS
• Ch. 2: PUBLIC EMPLOYEES' RETIREMENT GENERAL PROVISIONS
• Part 9: Management of Benefit Payments

Text

19-2-902 . Payment of benefits. (1) A retirement benefit or survivorship benefit granted under a retirement system subject to this chapter, other than a benefit under the defined contribution plan, must be payable in monthly installments, except as provided in this part.
(2) (a) If a member or beneficiary who is a natural person elects, the board shall pay the member's accumulated contributions to the member or beneficiary in a single lump sum.
(b) The lump sum must be paid at the time the initial monthly benefit would otherwise be payable.
(c) An election to receive a single lump sum must be made at least 30 days prior to the first payment date.
(3) A beneficiary that is a charitable organization, the estate of the payment recipient, or a trust is eligible only for a single lump sum.
(4) If a benefit recipient dies before the last day of the month, a pro rata amount otherwise payable to the payment recipient must be paid to the designated beneficiary, statutory beneficiary, or contingent annuitant or to the benefit recipient's estate, as appropriate.

Legislative History

En. 68-2501 by Sec. 49, Ch. 323, L. 1973; amd. Sec. 16, Ch. 332, L. 1977; R.C.M. 1947, 68-2501(1); amd. Sec. 31, Ch. 265, L. 1993; Sec. 19-3-1402 , MCA 1991; redes. 19-2-902 by Sec. 238, Ch. 265, L. 1993; amd. Sec. 12, Ch. 58, L. 1999; amd. Sec. 18, Ch. 471, L. 1999; amd. Sec. 4, Ch. 284, L. 2009; amd. Sec. 4, Ch. 195, L. 2017.