Montana Equity Compensation Plan
Description
How to fill out Equity Compensation Plan?
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FAQ
The 457 plan is a retirement savings plan and you generally cannot withdraw money while you are still employed. When you leave employment, you may withdraw funds; leave them in place; transfer them to a 457, 403(b) or 401(k) of a new employer; or roll them into an Individual Retirement Account (IRA).
A break in service (termination of employment greater than five consecutive days) ends longevity pay and restarts the accrual process. State of Montana payroll is processed on a bi-weekly cycle. Pay periods end every other Friday, with each payday 12 days later on the second Wednesday following the end of a pay period.
The pay plan calls for either $1.50-an-hour or 4% raises, whichever is greater, for state and Montana University System employees this year and next, effective July 1 of each year. Employees will also receive a one-time bonus, $1,040 for full-time workers and lesser amounts for part-time workers.
"2-18-303. (3) Effective on the first day of the first complete pay period that includes November 15, 2022 July 1, 2023, the base salary of each employee must be increased by 55 cents $1.50 an hour or by 4%, whichever is greater.