19-20-504. Vesting of retirement allowances upon termination of system. Upon termination of the retirement system, termination of employment of a substantial number of members which would constitute a partial termination of the retirement system, or complete discontinuance of contributions to the retirement system, the retirement allowance accrued to each member directly affected by such occurrence becomes fully vested and nonforfeitable to the extent funded.
History: En. 75-6206 by Sec. 101, Ch. 5, L. 1971; amd. Sec. 2, Ch. 507, L. 1973; amd. Sec. 98, Ch. 326, L. 1974; amd. Sec. 3, Ch. 127, L. 1977; amd. Sec. 3, Ch. 331, L. 1977; R.C.M. 1947, 75-6206(9); Sec. 19-4-504, MCA 1991; redes. 19-20-504 by Code Commissioner, 1993.
Structure Montana Code Annotated
Title 19. Public Retirement Systems
Chapter 20. Teachers' Retirement
19-20-501. Financial administration of money
19-20-502. Restrictions on use of money
19-20-503. Forfeiture of unclaimed account balances or benefits
19-20-504. Vesting of retirement allowances upon termination of system
19-20-505. through 19-20-509 reserved
19-20-510. Probate and nonprobate transfer statutes superseded