1. MCA Contents
  2. TITLE 19
  3. CHAPTER 20
  4. Part 5
  5. 19-20-504 Vesting of retirement allowances upon termination of system

Montana Code Annotated 2023

TITLE 19. PUBLIC RETIREMENT SYSTEMS

CHAPTER 20. TEACHERS' RETIREMENT

Part 5. Management of Funds

Vesting Of Retirement Allowances Upon Termination Of System

19-20-504. Vesting of retirement allowances upon termination of system. Upon termination of the retirement system, termination of employment of a substantial number of members which would constitute a partial termination of the retirement system, or complete discontinuance of contributions to the retirement system, the retirement allowance accrued to each member directly affected by such occurrence becomes fully vested and nonforfeitable to the extent funded.

History: En. 75-6206 by Sec. 101, Ch. 5, L. 1971; amd. Sec. 2, Ch. 507, L. 1973; amd. Sec. 98, Ch. 326, L. 1974; amd. Sec. 3, Ch. 127, L. 1977; amd. Sec. 3, Ch. 331, L. 1977; R.C.M. 1947, 75-6206(9); Sec. 19-4-504, MCA 1991; redes. 19-20-504 by Code Commissioner, 1993.