19-2-1002. Termination of plan. (1) Upon termination of a retirement system or plan, termination of employment of a substantial number of members that would constitute a partial termination of the retirement system or plan, or complete discontinuance of contributions to that retirement system or plan, the retirement benefit accrued to each member directly affected by the occurrence becomes fully vested and nonforfeitable to the extent funded.
(2) A plan member is 100% vested in the member's accumulated contributions at all times.
(3) At any time prior to satisfaction of all liabilities to members and their beneficiaries under the retirement system or plan, any part of a member's accumulated contributions may not be used for or diverted to purposes other than the exclusive benefit of members and their beneficiaries.
History: En. 68-1901 by Sec. 22, Ch. 323, L. 1973; amd. Sec. 5, Ch. 99, L. 1977; amd. Sec. 3, Ch. 286, L. 1977; amd. Sec. 10, Ch. 332, L. 1977; R.C.M. 1947, 68-1901(8); amd. Sec. 36, Ch. 265, L. 1993; Sec. 19-3-606, MCA 1991; redes. 19-2-1002 by Sec. 238, Ch. 265, L. 1993; amd. Sec. 24, Ch. 471, L. 1999; amd. Sec. 7, Ch. 490, L. 2001; amd. Sec. 7, Ch. 284, L. 2009.
Structure Montana Code Annotated
Title 19. Public Retirement Systems
Chapter 2. Public Employees' Retirement General Provisions
19-2-1001. Maximum contribution and benefit limitations
19-2-1002. Termination of plan
19-2-1003. Transfer of dormant, nonvested member-accumulated contributions
19-2-1004. Exemption from taxes and legal process
19-2-1007. Required distributions
19-2-1008. Budget Act superseded
19-2-1010. Retaining qualified plan status -- content of plan document -- board rulemaking authority
19-2-1011. Limitations on eligible rollover distributions
19-2-1013. Compliance with federal restrictions on interest rate crediting
19-2-1014. Compliance with federal laws regarding service in uniformed services
19-2-1015. Probate and nonprobate transfer statutes superseded