Governor's Executive Budget 1994-1995 Vol 2

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Governmental retirement plans must meet the provisions of Internal Revenue Code, Section 401(a) and Section 41 5, in order to remain exempt from federal tax on contributions and on benefits as they accrue. The retirement plans must also comply with the age discrimination prohibitions in the ADEA, Section 4.
The Division is given responsibility for the Federal/State Social Security Coverage Agreement in Title 19, Chapter 1, MCA and must comply with federal law 42 U.S.C. Section 418.
GOALS AND OB
...JECTIVES: • Maintain accurate and up-to-date information on the 30,000 contributing members. (1 - MT) Provide clear instructions and procedures to the 500 + employers reporting monthly payroll information.
Improve information provided to employers by publishing and maintaining an employer handbook and periodic updates.
Continue effort to periodically review all member service records to identify errors and insure accurate information for benefit calculations and actuarial valuations.
Update Active Member Computer System and recording procedures for maintaining members' accounts, account interest, and service credit by April, 1993.


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