19-18-503 . Fund to be soundly funded. (1) Each disability and pension fund must be soundly funded at fiscal yearend. The fund is soundly funded if, subject to subsection (2): (a) assets in the fund are maintained at a level equal to at least three times but no more than five times the benefits paid by the fund in the previous or current fiscal year, whichever is greater; or (b) funding is maintained at a level determined by an actuarial valuation to be sufficient to keep the fund actuarially sound. (2) An actuarial valuation may be requested only by a city, town, or association.
‹ Prev All Montana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.