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Rule Title: SERVICE PURCHASE RESOLUTIONS
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Department: ADMINISTRATION, DEPARTMENT OF
Chapter: TEACHERS' RETIREMENT BOARD
Subchapter: Creditable Service
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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2.44.416    SERVICE PURCHASE RESOLUTIONS

(1) The effective date of any resolution adopted for the purpose of allowing employees to purchase service with contributions on a picked-up, pre-tax basis, must be at least 2 months following the month in which the resolution is adopted. For example: if the resolution is adopted by the governing board on July 8, 1999, the earliest effective date would be September 1, 1999 for additional contributions withheld from compensation earned after September 1, 1999, and reported on the employer's teachers' retirement system (TRS) report for September, 1999.

 

(2) On the first monthly report coinciding with the effective date of the resolution, all additional contributions must stop and cannot be reinstated until the employee and employer have signed the irrevocable election form required by 19-20-415 , MCA.

 

(3) The service purchase-irrevocable election form will be available only through the office of the teachers' retirement system and must be requested at least 30 days prior to the effective date of the resolution to ensure the member will be able to continue payroll deductions uninterrupted.

 

(4) Employers who fail to withhold additional contributions in compliance with the applicable state and federal laws and rules adopted by the board will be notified that the additional contributions cannot be credited to the member's account. The employer will be required to take a credit on their next monthly report for any amounts reported in error, and to correct their tax withholding records.

History: Sec. 19-20-201 MCA; IMP, Sec. 19-20-415 MCA; NEW, 1999 MAR p. 2243, Eff. 10/8/99.


 

 
MAR Notices Effective From Effective To History Notes
10/8/1999 Current History: Sec. 19-20-201 MCA; IMP, Sec. 19-20-415 MCA; NEW, 1999 MAR p. 2243, Eff. 10/8/99.
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