Montana legislation · 2025 Regular Session
Montana HB67: Generally revise laws related to the administration of TRS
Status: Signed into law, April 17, 2025
What the bill says
An act generally revising administrative and tax qualification provisions of the teachers' retirement system; clarifying the reporting duties of employers; clarifying elective membership deferral for certain positions; clarifying active membership and dormant member status; clarifying the purchase of deferred elective service; revising mandatory distribution provisions to conform with federal law; clarifying disability retirement allowance calculations; providing definitions; amending sections 19-20-101, 19-20-208, 19-20-302, 19-20-303, 19-20-417, 19-20-703, and 19-20-905, mca…
From the engrossed text:
AN ACT GENERALLY REVISING ADMINISTRATIVE AND TAX QUALIFICATION PROVISIONS OF THE TEACHERS' RETIREMENT SYSTEM; CLARIFYING THE REPORTING DUTIES OF EMPLOYERS; CLARIFYING ELECTIVE MEMBERSHIP DEFERRAL FOR CERTAIN POSITIONS; CLARIFYING ACTIVE MEMBERSHIP AND DORMANT MEMBER STATUS; CLARIFYING THE PURCHASE OF DEFERRED ELECTIVE SERVICE; REVISING MANDATORY DISTRIBUTION PROVISIONS TO CONFORM WITH FEDERAL LAW; CLARIFYING DISABILITY RETIREMENT ALLOWANCE CALCULATIONS; PROVIDING DEFINITIONS; AMENDING SECTIONS 19-20-101, 19-20-208, 19-20-302, 19-20-303, 19-20-417, 19-20-703, AND 19-20-905, MCA; AND PROVIDING AN EFFECTIVE DATE. Section 1. Section 19-20-101, MCA, is amended to read: "19-20-101. Definitions. As used in this chapter, unless the context clearly indicates otherwise, the following definitions apply: (1) "Accumulated contributions" or "account balance" means the sum of all the amounts deducted from the compensation of a member or paid by a member and credited to the member's individual account in the annuity savings account, together with interest, minus any amount deducted for correction of errors and the aggregate amount of all retirement benefit payments and refunds of accumulated contributions paid to or on behalf of the member. (2) "Actuarial equivalent" means a benefit of equal value when computed upon the basis of the mortality table and interest rate assumption set by the retirement board. (3) "Alternate beneficiary" means an estate or an individual not designated as a beneficiary but that becomes a beneficiary pursuant to 19-20-1005. (4) "Average …