Montana § 19-20-804 Allowance For Service Retirement -- Professional Retirement Option Allowance -- Creditable Service Limitation

Montana Statutes

§ 19-20-804 — Allowance For Service Retirement -- Professional Retirement Option Allowance -- Creditable Service Limitation

Montana·Title 19 PUBLIC RETIREMENT SYSTEMS·Ch. 20 TEACHERS' RETIREMENT·Part 8 Superannuation Retirement

19-20-804 . Allowance for service retirement -- professional retirement option allowance -- creditable service limitation.

(1)Upon termination, a tier one or tier two member who qualifies for benefits pursuant to 19-20-801 (1) or (2) must receive a retirement allowance equal to one-sixtieth of the member's average final compensation, as limited by 19-20-715 , multiplied by the sum of the number of years of creditable service.

(2)(a) Upon termination, a tier two member who qualifies for benefits pursuant to 19-20-801 (3) must receive a professional retirement option allowance equal to 1.85% of the member's final average compensation, as limited by 19-20-715 , multiplied by the sum of the member's years of creditable service.

(b)For the purpose of calculating the professional retirement o

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19-20-804 . Allowance for service retirement -- professional retirement option allowance -- creditable service limitation. (1) Upon termination, a tier one or tier two member who qualifies for benefits pursuant to 19-20-801 (1) or (2) must receive a retirement allowance equal to one-sixtieth of the member's average final compensation, as limited by 19-20-715 , multiplied by the sum of the number of years of creditable service.
(2) (a) Upon termination, a tier two member who qualifies for benefits pursuant to 19-20-801 (3) must receive a professional retirement option allowance equal to 1.85% of the member's final average compensation, as limited by 19-20-715 , multiplied by the sum of the member's years of creditable service.
(b) For the purpose of calculating the professional retirement option, creditable service does not include:
(i) service credited before the member became a tier two member even if the member redeposits the member's withdrawn contributions pursuant to 19-20-427 ; or
(ii) service credit transferred under 19-20-409 .

Montana § 19-20-804 (Allowance For Service Retirement -- Professional Retirement Option Allowance -- Creditable Service Limitation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

En. 75-6208 by Sec. 103, Ch. 5, L. 1971; amd. Sec. 2, Ch. 57, L. 1971; amd. Sec. 2, Ch. 422, L. 1971; amd. Sec. 4, Ch. 507, L. 1973; amd. Sec. 3, Ch. 26, L. 1975; amd. Sec. 5, Ch. 127, L. 1977; amd. Sec. 5, Ch. 331, L. 1977; amd. Sec. 1, Ch. 443, L. 1977; R.C.M. 1947, 75-6208(2)(d), (3)(a), (3)(b); amd. Sec. 6, Ch. 549, L. 1981; amd. Sec. 1, Ch. 443, L. 1983; amd. Sec. 8, Ch. 113, L. 1989; Sec. 19-4-804 , MCA 1991; redes. 19-20-804 by Code Commissioner, 1993; amd. Sec. 23, Ch. 442, L. 1997; amd. Sec. 22, Ch. 111, L. 1999; amd. Sec. 22, Ch. 45, L. 2001; amd. Sec. 2, Ch. 120, L. 2003; amd. Sec. 4, Ch. 402, L. 2003; amd. Sec. 13, Ch. 320, L. 2005; amd. Sec. 13, Ch. 282, L. 2009; amd. Sec. 15, Ch. 389, L. 2013.