Montana Statutes
§ 19-20-1206 — Interest On Overpayments And Unpaid Contributions
Montana·Title 19 PUBLIC RETIREMENT SYSTEMS·Ch. 20 TEACHERS' RETIREMENT·Part 12 Unpaid Contributions and Overpayments
19-20-1206 . Interest on overpayments and unpaid contributions.
(1)Except as provided in subsection (2), overpaid benefits and unpaid contributions accrue interest at the retirement system's actuarially assumed annual rate of return, compounded monthly. Interest accrues beginning on the date that the first erroneous payment was made or that the contributions were first due and continues to accrue until the amount owed to the retirement system is fully paid.
(2)If overpaid benefits or unpaid contributions resulted solely from an error made by the retirement system, the amount owed may not include interest.
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Legislative History
En. Sec. 6, Ch. 210, L. 2015.
Nearby Sections
15
§ 19-20-1002
Payments On Death Of Retiree§ 19-20-1003
Payment Of Death Benefits§ 19-20-1004
Compliance With Federal Act§ 19-20-1005
Alternate Beneficiaries§ 19-20-1008
Changes To Beneficiary Designations -- Limitations On Changing Spouse Beneficiary Interest§ 19-20-101
Definitions§ 19-20-1010
Through 19-20-1012 Reserved§ 19-20-1013
Supremacy Of Retirement System Provisions§ 19-20-102
Retirement System -- Policy§ 19-20-103
Implied Consent Of Employee§ 19-20-104
Guarantee By State