19-13-213. Excess unfunded liabilities of prior plans. (1) The legislature finds and declares that many cities operating under prior plans have excess and unfunded liabilities, and the liabilities cannot be amortized by the percentage contributions set forth in this chapter.
(2) The board shall, within 6 months after a city is granted membership in the retirement system, determine the excess and unfunded liability of the city's previous plan. If the board determines that the city has an excess and unfunded liability under a previous plan that is not funded by sums on deposit or funds available for deposit in the pension trust fund, the city shall pay an additional sum over a period of time to amortize the city's excess liability.
History: En. Sec. 24, Ch. 566, L. 1981; amd. Sec. 3, Ch. 286, L. 1983; amd. Sec. 5, Ch. 661, L. 1983; amd. Sec. 1, Ch. 44, L. 1991; amd. Sec. 211, Ch. 265, L. 1993; Sec. 19-13-503, MCA 1991; redes. 19-13-213 by Code Commissioner, 1993.
Structure Montana Code Annotated
Title 19. Public Retirement Systems
Chapter 13. Firefighters' Unified Retirement System
Part 2. Extension of Coverage by Local Government Employers
19-13-201. Renumbered 19-13-115
19-13-206. through 19-13-209 reserved
19-13-210. Participation in retirement system
19-13-211. Election to join retirement system -- transfer of assets
19-13-212. Termination of participation in retirement system or reduction of employer contributions