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" or "board" means the public employees' retirement board created in 2-15-1009 or an appropriate officer of a political subdivision.
     (2) "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.
     (3) "Eligible deferred compensation plan" means a plan meeting the requirements of section 457 of the Internal Revenue Code.
     (4) "Employee" means any person, including independent contractors and elected officials, receiving compensation from the state or a political subdivision for performing services.
     (5) "Fund" means the state deferred compensation investment account.
     (6) "Participant" means an employee enrolled in the plan.
     (7) "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. , MCA 1991; redes. by Code Commissioner, 1993; amd. Sec. 67, Ch. 471, L. 1999.