Early retirement
(1) A member who is not eligible for service retirement but who has at least 5 years of creditable service and who has attained the age of 50 may retire from service and be eligible for an early retirement allowance if the member files with the retirement board the member's written application.
(2) The early retirement allowance must be determined as prescribed in 19-20-804 and section 5, Chapter 549, Laws of 1981, with the exception that the allowance will be reduced as follows:
(a) by 1/2 of 1% multiplied by the number of months up to a maximum of 60 months by which the retirement date precedes the date on which the member would have retired had the member attained 60 years of age or had the member completed 25 years of creditable service; and
(b) by 3/10 of 1% multiplied by the number of months in excess of the 60 months in subsection (2)(a) but not to exceed 60 additional months that the retirement date precedes the date on which the member would have retired had the member attained 60 years of age or had the member completed 25 years of creditable service.
(1) A member who is not eligible for service retirement but who has at least 5 years of creditable service and who has attained the age of 50 may retire from service and be eligible for an early retirement allowance if the member files with the retirement board the member's written application.
(1) (a) A vested tier one member who is not eligible for service retirement but has attained the age of 50 is eligible for an early retirement allowance.
(b) A vested tier two member who is not eligible for service retirement but has attained the age of 55 is eligible for an early retirement allowance.
(2) The A member retiring early retirement allowance under subsection (1) must be determined as prescribed have terminated employment in 19-20-804 all positions reportable to and the section 5, Chapter 549, Laws of 1981, retirement system and must file a written application with the exception
(a) by 1/2 of 1% multiplied by the number of months up to a maximum of 60 months by which the retirement date precedes the date on which the member would have retired had the member attained 60 years of age or had the member completed 25 years of creditable service; and
(b) by 3/10 of 1% multiplied by the number of months in excess of the 60 months in subsection (2)(a) but not to exceed 60 additional months that the retirement date precedes the date on which the member would have retired had the member attained 60 years of age or had the member completed 25 years of creditable service.
(3) The early retirement allowance must be determined as prescribed in 19-20-804, with the exception that the allowance will be reduced using actuarially equivalent factors based on the most recent actuarial valuation of the system.
Early retirement
| EnactedEn. 75-6208 by SectionSec. 103, ChapterCh. 5, Laws ofL. 1971 |
| AmendedAmd. SectionSec. 2, ChapterCh. 57, Laws ofL. 1971 |
| AmendedAmd. SectionSec. 2, ChapterCh. 422, Laws ofL. 1971 |
| AmendedAmd. SectionSec. 4, ChapterCh. 507, Laws ofL. 1973 |
| AmendedAmd. SectionSec. 3, ChapterCh. 26, Laws ofL. 1975 |
| AmendedAmd. SectionSec. 5, ChapterCh. 127, Laws ofL. 1977 |
| AmendedAmd. SectionSec. 5, ChapterCh. 331, Laws ofL. 1977 |
| AmendedAmd. SectionSec. 1, ChapterCh. 443, Laws ofL. 1977 |
| Revised Codes of MontanaR.C.M. 1947, 75-6208(3)(d) |
| AmendedAmd. SectionSec. 1, ChapterCh. 396, Laws ofL. 1981 |
| AmendedAmd. SectionSec. 7, ChapterCh. 549, Laws ofL. 1981 |
| AmendedAmd. SectionSec. 4, ChapterCh. 527, Laws ofL. 1983 |
| SectionSec. , Montana Code AnnotatedMCA 1991 |
| RedesignatedRedes. by Code Commissioner, 1993 |
| AmendedAmd. SectionSec. 21, ChapterCh. 111, Laws ofL. 1999 (HB 118 - Mood, Douglas (R) HD 58) |
| AmendedAmd. SectionSec. 12, ChapterCh. 320, Laws ofL. 2005 (HB 104 - Lenhart, Ralph (D) HD 38) |