Administrative Rules of Montana
Department 2 - ADMINISTRATION
Chapter 2.44 - TEACHERS' RETIREMENT BOARD
Subchapter 2.44.5 - Benefits
Rule 2.44.509 - COMPUTATION OF AVERAGE FINAL COMPENSATION
Universal Citation: MT Admin Rules 2.44.509
Current through Register Vol. 18, September 20, 2024
(1) The average final compensation of a member who retires or dies before they receive full service credit for the fiscal year, shall be determined by using the greater of:
(a) the equivalent of the
final three consecutive years' contracts reported to the system, based on the
percentage of the member's final contract reported during their last fiscal
year, plus any additional compensation reported during the same period. For
example, if 50% of the member's contract is reported during their final fiscal
year, then we would calculate AFC using the compensation reported during the
last fiscal year, plus the salary reported the first fiscal year preceding
retirement, plus the salary reported the second fiscal year preceding
retirement, plus 50% of the salary reported the third fiscal year preceding
retirement; or
(b) any 3 full
consecutive fiscal years' compensation which yield the highest
average.
(2) Only salaries earned under contract on which contributions have been made can be used to determine the average final compensation.
Sec. 19-4-201 and 19-20-201 MCA;
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