19-50-101. Definitions. For the purposes of this chapter, unless a different meaning is plainly implied by the context, the following definitions apply:
     (1) "Administrator" means the department of administration created by 2-15-1001 or an appropriate officer of a political subdivision.
     (2) "Advisory council" means the state employee group benefits advisory council provided for in 2-15-1016.
     (3) "Deferred compensation" means that income which an employee may legally defer in a deferred compensation plan established under this chapter pursuant to the rulings of the internal revenue service and which, while invested, is exempt from state and federal income tax on the employee's contribution and on the interest, dividends, and capital gains until ultimately distributed to the employee.
     (4) "Department" means the department of administration created by 2-15-1001.
     (5) "Eligible deferred compensation plan" means a plan meeting the requirements of section 457 of the Internal Revenue Code.
     (6) "Employee" means any person, including independent contractors and elected officials, receiving compensation from the state or a political subdivision for performing services.
     (7) "Fund" means the state deferred compensation investment account.
     (8) "Participant" means an employee enrolled in the plan.
     (9) "Political subdivision" means any city, town, county, or other political subdivision of the state of Montana.

     History: En. 68-2704 by Sec. 4, Ch. 264, L. 1974; R.C.M. 1947, 68-2704; amd. Sec. 1, Ch. 472, L. 1981; Sec. 19-2-101, MCA 1991; redes. 19-50-101 by Code Commissioner, 1993.