2.43.4020    EMPLOYMENT AFTER THE DROP PERIOD -- PAYMENTS

(1) Unless the participant's DROP period is extended pursuant to ARM 2.43.4023, monthly DROP accruals will stop at the end of the designated DROP period even if the participant continues HPORS-covered employment.

(2) The participant's monthly service retirement benefit payments for the pre-DROP and the post-DROP period will begin the month following the month in which the participant terminates post-DROP HPORS-covered employment.

(3) The participant's DROP benefit will be distributed pursuant to ARM 2.43.4017.

(4) The surviving spouse or dependent child(ren) in existence at the time of the participant's death will receive both continuing monthly service retirement benefit payments. If there is no surviving spouse or dependent child(ren) at the time of the participant's death:

(a) any remaining accumulated contributions attributable to the pre-DROP period will be paid to the designated beneficiary for that benefit payment; and

(b) any remaining accumulated contribution attributable to the post-DROP period will be paid to the designated beneficiary for that benefit payment.

 

History: 19-2-403, 19-6-1003, MCA; IMP, 19-6-505, 19-6-1003, 19-6-1007, MCA; NEW, 2015 MAR p. 2244, Eff. 12/25/15; AMD, 2020 MAR p. 391, Eff. 2/29/20.