2.43.4615    ESTIMATED MONTHLY DROP ACCRUAL

(1) Once a participant files an application to participate in the DROP, the participant may be paid estimated monthly DROP accruals.

(2) The employer shall provide all documents MPERA needs to determine the participant's total service credit and final average compensation. Once the documents are received, the MPERA will finalize the amount of the participant's monthly DROP accrual. Once the monthly accrual amount is finalized, the board will take appropriate action on the application at the next board meeting.

(3) MPERA will suspend estimated monthly DROP accruals after three months if the employer has not provided the above documents. Monthly DROP accruals will not resume until after the documents are received and the board approves the DROP application. The first monthly DROP accrual following board approval will include any previously suspended accruals and retroactive accruals.

History: 19-2-403, 19-9-1203, MCA; IMP, 19-9-1203, 19-9-1205, MCA; NEW, 2002 MAR p. 1891, Eff. 7/12/02; TRANS, from ARM 2.43.1110, 2008 MAR p. 2467, Eff. 12/1/08.