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Montana Title 19. Public Retirement Systems § 19-18-503. Fund to be soundly funded

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

(1) Each disability and pension fund must be soundly funded at fiscal yearend. The fund is soundly funded if, subject to subsection (2):

(a) assets in the fund are maintained at a level equal to at least three times but no more than five times the benefits paid by the fund in the previous or current fiscal year, whichever is greater; or

(b) funding is maintained at a level determined by an actuarial valuation to be sufficient to keep the fund actuarially sound.

(2) An actuarial valuation may be requested only by a city, town, or association.

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Cite this article: FindLaw.com - Montana Title 19. Public Retirement Systems § 19-18-503. Fund to be soundly funded - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-19-public-retirement-systems/mt-st-19-18-503/

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