19-2-502. Payments from pension trust funds. (1) The board shall administer the assets of the pension trust funds as provided in Article VIII, section 15, of the Montana constitution, subject to the specific provisions of chapters 2, 3, 5 through 9, and 13 of this title.
(2) Benefits and refunds to eligible recipients are payable pursuant to a contract as contained in statute. The contract is entered into on the first day of a member's covered employment and may be enhanced by the legislature. Unless specifically provided for by statute, the contract does not contain revisions to statutes after the time of retirement or termination of membership.
History: En. Sec. 12, Ch. 265, L. 1993; amd. Sec. 19, Ch. 532, L. 1997; amd. Sec. 2, Ch. 329, L. 2005.
Structure Montana Code Annotated
Title 19. Public Retirement Systems
Chapter 2. Public Employees' Retirement General Provisions
Part 5. Management and Investment of Pension Trust Funds
19-2-501. Pension trust funds established
19-2-502. Payments from pension trust funds
19-2-503. Management of pension trust funds
19-2-504. Investment of pension trust funds
19-2-505. Restrictions on use of funds
19-2-506. Payment of contributions by employers -- accompanying reports -- penalty -- liability
19-2-507. Transfer between funds