Montana § 19-6-712 - Guaranteed Annual Benefit Adjustment For Employees Hired After July 1, 2013

§ 19-6-712. Guaranteed Annual Benefit Adjustment For Employees Hired After July 1, 2013

Guaranteed annual benefit adjustment for employees hired after July 1, 2013. (1) Subject to subsection (2), for employees hired on or after July 1, 2013, on January 1 of each year, the permanent monthly benefit payable during the preceding January to each recipient who is eligible under subsection (3) must be increased by 1.5%. (2) (a) If the recipient's benefit payable during the preceding January has been increased by one or more adjustments not provided for in this section and the adjustments amount to less than a 1.5% annualized increase, then the recipient's benefit must be adjusted by an amount that will provide a total annualized increase of 1.5% in the benefit paid since the preceding January. (b) If a recipient's benefit payable during the preceding January has been increased by one or more adjustments not provided for in this section and the adjustments amount to more than a 1.5% annualized increase, then the benefit increase provided for under this section must be 0%. (3) Except as provided for in subsection (2)(b), a benefit recipient is eligible for and must receive the minimum annual benefit adjustment provided for in this section if: (a) the benefit's commencement date is at least 36 months prior to January 1 of the year in which the adjustment is to be made; and (b) the member first became an active member on or after July 1, 2013. (4) The board shall adopt rules to administer the provisions of this section.