Montana § 19-6-1002 Definitions

Montana Statutes

§ 19-6-1002 — Definitions

Montana·Title 19 PUBLIC RETIREMENT SYSTEMS·Ch. 6 HIGHWAY PATROL OFFICERS' RETIREMENT·Part 10 Deferred Retirement Option Plan (DROP)

19-6-1002 . Definitions. Unless the context requires otherwise, as used in this part, the following definitions apply:

(1)"DROP" means the deferred retirement option plan established pursuant to this part.

(2)"DROP account" means the member's accumulated monthly DROP accruals, plus interest.

(3)"DROP benefit" means the lump-sum benefit calculated and distributed as provided in this part.

(4)"DROP period" means the period of time that a member irrevocably elects to participate in the DROP subject to the provisions of 19-6-1004 .

(5)"Monthly DROP accrual" means the amount credited monthly to a participant's DROP account under 19-6-1005 .

(6)"Participant" means a member of the retirement system who has elected to participate in the DROP pursuant to this part.

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19-6-1002 . Definitions. Unless the context requires otherwise, as used in this part, the following definitions apply:
(1) "DROP" means the deferred retirement option plan established pursuant to this part.
(2) "DROP account" means the member's accumulated monthly DROP accruals, plus interest.
(3) "DROP benefit" means the lump-sum benefit calculated and distributed as provided in this part.
(4) "DROP period" means the period of time that a member irrevocably elects to participate in the DROP subject to the provisions of 19-6-1004 .
(5) "Monthly DROP accrual" means the amount credited monthly to a participant's DROP account under 19-6-1005 .
(6) "Participant" means a member of the retirement system who has elected to participate in the DROP pursuant to this part.

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