2.44.522 FAMILY LAW ORDER -- CONTENTS AND DURATION
(1) The board will make available to the public model forms approved for inclusion in a proposed Family Law Order (FLO).
(2) If benefits are currently payable to the participant(s), the FLO may specify a future effective date; however, a FLO may not provide for payments to an alternate payee prior to the date on which the participant first becomes eligible for payment from the TRS.
(3) If benefits are payable pursuant to a FLO that meets the requirements of a domestic relations order as defined in IRC section 414(p), the applicable provisions of IRC section 414(p) will be followed by the Teachers' Retirement System in giving effect to the FLO.
(4) Two basic types of payment distributions are allowed to alternate payees: "fixed amount" and "actuarially equivalent benefit."
(a) A "fixed amount" must designate a specific total dollar amount to be paid to the alternate payee over a specified period of time, or a specified monthly amount payable for the life of the participant, neither of which can be greater than the total monthly benefit payable to the participant.
(b) An "actuarially equivalent benefit" is payable for the life of the alternate payee.
History: 19-20-201, MCA; IMP, 19-20-106, 19-20-305, MCA; NEW, 1993 MAR p. 2404, Eff. 10/15/93; AMD, 2007 MAR p. 2120, Eff. 12/21/07; AMD, 2008 MAR p. 2619, Eff. 12/25/08.