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Rule Title: DISTRIBUTION OF DROP BENEFIT PURSUANT TO FAMILY LAW ORDER
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Department: ADMINISTRATION
Chapter: PUBLIC EMPLOYEES' RETIREMENT BOARD
Subchapter: Municipal Police Officers' Retirement System
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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2.43.4618    DISTRIBUTION OF DROP BENEFIT PURSUANT TO FAMILY LAW ORDER

(1) A family law order (FLO) may distribute all or a portion of a DROP participant's DROP benefit to an alternate payee. To do so, the FLO must specifically reference distribution of a DROP benefit and provide a specific method for determining the amount of the DROP benefit to be paid to the alternate payee.

(2) The alternate payee named in the FLO is entitled to the same distribution options available to the participant and as allowed by the IRS.

(3) A FLO may distribute all or a portion of a DROP participant's DROP benefit even if the participant joined the DROP subsequent to approval of the FLO.

(4) A FLO that does not specifically address a DROP benefit will not be considered to distribute any portion of the payee's DROP benefit to an alternate payee.

(5) A FLO cannot specifically require or forbid that the payee participate in the DROP.

(6) To distribute any portion of a participant's DROP benefit, a FLO approved prior to the enactment of the DROP legislation (May 1, 2001) must be amended to specifically address the DROP benefit.

(7) A DROP benefit cannot be distributed pursuant to a FLO until the DROP participant terminates employment.

History: 19-2-403, 19-9-1203, MCA; IMP, 19-9-1208, MCA; NEW, 2003 MAR p. 1801, Eff. 8/15/03; TRANS, from ARM 2.43.1113, 2008 MAR p. 2467, Eff. 12/1/08.


 

 
MAR Notices Effective From Effective To History Notes
2-43-403 12/1/2008 Current History: 19-2-403, 19-9-1203, MCA; IMP, 19-9-1208, MCA; NEW, 2003 MAR p. 1801, Eff. 8/15/03; TRANS, from ARM 2.43.1113, 2008 MAR p. 2467, Eff. 12/1/08.
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