(1) This rule applies only to the defined contribution retirement plan.
(2) A participant or alternate payee must submit a certified copy of a family law order (FLO) to the MPERA for board approval. The board has delegated authority for approval to the executive director.
(3) The MPERA will notify the participant and the alternate payee when it receives a certified copy of a FLO. The notice will explain the procedures for determining if the FLO can be approved.
(4) While reviewing the FLO, the board may take steps to safeguard the alternate payee's rights. The steps the board may take include, but are not limited to, the following:
(a) prevent payments from the participant's account, but allow the participant to manage the investments;
(b) segregate the amounts, and earnings thereon, that will be owed to the alternate payee if the FLO is approved;
(c) pay the non-segregated amounts, with any earnings thereon, to the participant if the FLO is not approved within 18 months of the date it was received by MPERA and the participant is entitled to distribution of the account; and
(d) apply the FLO prospectively if approved more than 18 months after the date it was first received by MPERA.
(5) The board will notify the participant and the alternate payee once the FLO is approved. (History: 19-2-403, 19-2-907, MCA; IMP , 19-2-907, MCA; NEW , 2002 MAR p. 2653, Eff. 9/27/02.)