Distribution of DROP benefit

  1. Law
  2. Montana Code Annotated
  3. Public Retirement Systems
  4. Highway Patrol Officers' Retirement
  5. Deferred Retirement Option Plan (DROP)
  6. Distribution of DROP benefit

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19-6-1008. Distribution of DROP benefit. (1) Upon termination of service, a participant is entitled to:

(a) receive a lump-sum distribution of the participant's DROP benefit;

(b) roll the participant's DROP benefit into another eligible retirement plan in a manner prescribed and authorized by the board; or

(c) any other distribution or method of payment of the DROP benefit approved by the board.

(2) A distribution pursuant to this section is subject to the provisions of 19-2-907 and 19-2-909 and all other applicable provisions of Title 19 and the Internal Revenue Code.

History: En. Sec. 8, Ch. 258, L. 2015.


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