2.43.4015    ESTIMATED MONTHLY DROP ACCRUAL

(1) Once a member files an application to participate in the DROP and the participant's DROP period begins, estimated monthly DROP accruals will be paid into the participant's DROP account.

(2) The employer shall provide all documents MPERA needs to determine the participant's total service credit and highest average compensation. Once the documents are received, the MPERA will finalize the monthly benefit portion of the participant's monthly DROP accrual.

(3) MPERA will suspend the estimated monthly benefit portion of the participant's monthly DROP accrual after three months if the employer has not provided the above documents.

(a) The monthly benefit portion of the participant's monthly DROP accrual will not resume until after the documents are received from the employer and the monthly benefit has been approved.

(b) Retroactive payments of the monthly benefit will be made to the member's DROP account, if necessary.

(c) The participant's member contributions portion of the monthly DROP accrual will continue despite suspension of the estimated monthly benefit portion.

History: 19-2-403, 19-6-1003, MCA; IMP, 19-6-1003, 19-6-1005, MCA; NEW, 2015 MAR p. 2244, Eff. 12/25/15.