Administrative Rules of Montana
Department 2 - ADMINISTRATION
Chapter 2.44 - TEACHERS' RETIREMENT BOARD
Subchapter 2.44.4 - Creditable Service
Rule 2.44.413 - CREDITABLE SERVICE - ACTUARIAL COST
Universal Citation: MT Admin Rules 2.44.413
Current through Register Vol. 18, September 20, 2024
(1) The actuarial cost to purchase creditable service will vary by the member's compensation, age and years of service at the time they apply or are eligible to purchase the additional service.
(a) The
total compensation reported to the TRS for the most recent fiscal year or the
member's average final compensation, whichever is greater, will be used to
determine the actuarial cost.
(b)
The members age at the time they make application to purchase service will be
determined in compliance with ARM
2.44.525.
(c) The years of service used in the formula
to determine the actuarial cost will include the total number of years of
creditable service the member is eligible to purchase on the date they apply or
are eligible to purchase service under this rule.
(2) Service will be credited to the member's account at the time they have completed payment in full. If the member retires or dies prior to completing payment in full, purchasable service will be credited on a prorated basis.
19-20-201, MCA; IMP, Title 19, chapter 20, part 4, MCA;
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