19-2-1006. Use of forfeitures. A retirement system or plan subject to this chapter may not apply forfeitures of benefits resulting from the member's termination of employment, the death of the member, or any other reason to increase the benefits of any member in a manner not permitted in Internal Revenue Code section 401(a)(8). However, forfeitures may be used to reduce the cost of administering a retirement system or plan subject to this chapter.
History: En. Sec. 40, Ch. 265, L. 1993; amd. Secs. 15, 46(3), Ch. 58, L. 1999; amd. Sec. 27, Ch. 471, L. 1999; amd. Sec. 11, Ch. 490, L. 2001.
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 Budget Act superseded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 Probate and nonprobate transfer statutes superseded