Teachers' Retirement Division, Department of Administration Financial-Compliance Audit for the Two Fiscal Years Ended June 30 .. 1998

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chapter 20, of the MCA.
At June 30, 1998. the number and type of employers participating in the system was as follows: Local School Districts 396 Community Colleges 3 University System Units 6 Colleges of Technology 3 State Agencies 6 TOTAL 414 At June 30, 1998, the system membership consisted of the following: Retirees and Beneficiaries Currently Receiving Benefits 8.088 Terminated Employees Entitled to But Not Yet Receiving Benefits 9,240 Current Members: Vested 12.038 Nonvested 6,167 Total M
...embership 35,533 Page A-8 The pension plan provides retirement benefits and death and disability benefits. Employees with a minimum of 25 years of service or who have reached age 60 with 5 years of service are eligible to receive an annual retirement benefit equal to 1 .6667% times creditable service years times the average final compensation. Final compensation is the average of the highest three consecutive years of earned compensation. Benefits fully vest after 5 years of creditable service. Vested employees may retire at or after age 50 and receive reduced retirement benefits.

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