Retirement system created -- system to consist of two plans
Known as the The Public Employees' Retirement System Act
The act spans §§ 19-3-1001 to 19-3-909 (167 sections).
En. 68-1502 by Sec. 3, Ch. 323, L. 1973; R.C.M. 1947, 68-1502; amd
(1) A defined benefit retirement plan is created and established to become effective July 1, 1945.
(2) A defined contribution plan is established as provided in part 21 of this chapter.
(3) The public employees' retirement system consists of the defined benefit plan and the defined contribution plan. Each plan within the system is governed by the applicable provisions of chapter 2 and this chapter.
Official source: Montana Code Annotated (Montana Legislature). Reproduced from public-domain Montana statutes; confirm against the official source for the current text. Not legal advice.