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2.43.520    ELECTION FOR GUARANTEED ANNUAL BENEFIT ADJUSTMENT COVERAGE (GABA)

(1) Members, contingent annuitants, and survivors of the following retirement systems must file an election to receive the benefit increases provided by GABA:

(a) judges' retirement system (JRS) ;

(b) highway patrol officers' retirement system (HPORS) ;

(c) municipal police officers' retirement system (MPORS) ; and

(d) firefighters' unified retirement system (FURS) .

(2) The election must be made on forms provided by the board and must be filed with the board on or before December 1, 2001. This election does not apply to monthly benefits payable prior to January 2002.

(3) Members, contingent annuitants, and survivors who fail to file the election prior to December 1, 2001, will not receive benefit increases under GABA. These people will continue to receive the minimum benefits in effect before July 1, 1997, and thereafter as determined in statute. The MPERA will notify these people that they will receive the minimum benefits but not increases under GABA.

(4) A revocation of an election made pursuant to Ch. 149, L. 2001 must be made by the member in writing and must be filed with the board prior to December 1, 2001. All elections made pursuant to Ch. 149, L. 2001 are irrevocable as of December 1, 2001.

History: 19-2-403, 19-2-1101, 19-5-901, 19-6-710, 19-9-1009, 19-13-1010, MCA; IMP, 19-2-1101, 19-5-901, 19-5-902, 19-6-710, 19-6-711, 19-9-1009, 19-9-1010, 19-9-1013, 19-13-1010, 19-13-1011, MCA; NEW, 1997 MAR p. 2280, Eff. 12/16/97; AMD, 2001 MAR p. 1834, Eff. 9/21/01.

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