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Montana Title 19. Public Retirement Systems § 19-20-804. Allowance for service retirement--professional retirement option allowance--creditable service limitation

Current as of January 01, 2024 | Updated by FindLaw Staff

(1) Upon termination, a tier one or tier two member who qualifies for benefits pursuant to 19-20-801(1) or (2) must receive a retirement allowance equal to one-sixtieth of the member's average final compensation, as limited by 19-20-715, multiplied by the sum of the number of years of creditable service.

(2)(a) Upon termination, a tier two member who qualifies for benefits pursuant to 19-20-801(3) must receive a professional retirement option allowance equal to 1.85% of the member's final average compensation, as limited by 19-20-715, multiplied by the sum of the member's years of creditable service.

(b) For the purpose of calculating the professional retirement option, creditable service does not include:

(i) service credited before the member became a tier two member even if the member redeposits the member's withdrawn contributions pursuant to 19-20-427; or

(ii) service credit transferred under 19-20-409.

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Cite this article: FindLaw.com - Montana Title 19. Public Retirement Systems § 19-20-804. Allowance for service retirement--professional retirement option allowance--creditable service limitation - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-19-public-retirement-systems/mt-code-ann-sect-19-20-804/

Read this complete Montana Title 19. Public Retirement Systems § 19-20-804. Allowance for service retirement--professional retirement option allowance--creditable service limitation on Westlaw

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