- (1) A member terminating employment shall receive service credit for lump sum payments for which required contributions have been made of severance pay or paid leave, including banked holiday time, vacation, personal, sick, or compensatory leave, received in the month following termination of employment unless the member elects to retire effective that month. A member may not receive service credit for lump-sum payments and a retirement benefit for the same month.
Authorizing statute(s): 19-2-403, MCA
Implementing statute(s): 19-2-303, 19-3-108, 19-6-101, 19-7-101, 19-8-101, 19-9-104, 19-13-104, MCA
History: NEW, 1986 MAR p. 1454, Eff. 8/29/86; AMD, 1994 MAR p. 291, Eff. 2/11/94; AMD, 2001 MAR p. 1834, Eff. 9/30/01; AMD & TRANS, from ARM 2.43.408, 2008 MAR p. 2467, Eff. 12/1/08; AMD, 2011 MAR p. 1678, Eff. 8/26/11; AMD, 2024 MAR p. 1577, Eff. 7/6/24.