19-20-1206. Interest on overpayments and unpaid contributions. (1) Except as provided in subsection (2), overpaid benefits and unpaid contributions accrue interest at the retirement system's actuarially assumed annual rate of return, compounded monthly. Interest accrues beginning on the date that the first erroneous payment was made or that the contributions were first due and continues to accrue until the amount owed to the retirement system is fully paid.
(2) If overpaid benefits or unpaid contributions resulted solely from an error made by the retirement system, the amount owed may not include interest.
History: En. Sec. 6, Ch. 210, L. 2015.
Structure Montana Code Annotated
Title 19. Public Retirement Systems
Chapter 20. Teachers' Retirement
Part 12. Unpaid Contributions and Overpayments
19-20-1202. Correction of errors
19-20-1203. Recovery of unpaid employer contributions
19-20-1204. Recovery of unpaid employee contributions
19-20-1205. Recovery of overpayments
19-20-1206. Interest on overpayments and unpaid contributions
19-20-1207. through 19-20-1210 reserved
19-20-1211. Notices required -- initial notice -- final staff determination
19-20-1213. Retirement system's discretion -- priority right to recover