Montana § 19-3-2116 Vesting -- Mandatory Termination Of Membership -- Forfeitures

Montana Statutes

§ 19-3-2116 — Vesting -- Mandatory Termination Of Membership -- Forfeitures

Montana·Title 19 PUBLIC RETIREMENT SYSTEMS·Ch. 3 PUBLIC EMPLOYEES' RETIREMENT SYSTEM·Part 21 Defined Contribution Plan

19-3-2116 . Vesting -- mandatory termination of membership -- forfeitures.

(1)A member's contribution account includes the member's contributions and the income on those contributions and is vested from the date that the employee becomes a member of the plan.

(2)A member's employer contribution account includes the employer's contributions and the income on those contributions and is vested only when the member has a total of 5 years of membership service under the system.

(3)A member's account for other contributions includes the member's rollovers of contributions made pursuant to 19-3-2115 and income on those contributions and is vested from the date that the contribution is credited to the account.

(4)A member who terminates service after becoming a vested member may terminate plan

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19-3-2116 . Vesting -- mandatory termination of membership -- forfeitures. (1) A member's contribution account includes the member's contributions and the income on those contributions and is vested from the date that the employee becomes a member of the plan.
(2) A member's employer contribution account includes the employer's contributions and the income on those contributions and is vested only when the member has a total of 5 years of membership service under the system.
(3) A member's account for other contributions includes the member's rollovers of contributions made pursuant to 19-3-2115 and income on those contributions and is vested from the date that the contribution is credited to the account.
(4) A member who terminates service after becoming a vested member may terminate plan membership as provided in 19-3-2123 .
(5) A member who terminates service before becoming a vested member shall terminate plan membership as provided in 19-3-2123 and subject to 19-3-2126 .
(6) If the member's employer contribution account is not vested upon termination of plan membership, as provided in 19-3-2123 , the employer contributions and income are forfeited and must be allocated as provided in 19-3-2117 .

Montana § 19-3-2116 (Vesting -- Mandatory Termination Of Membership -- Forfeitures) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.