This bill, requested by the Teachers' Retirement Board, amends Section 19-20-621 of the Montana Code Annotated to increase the supplemental employer contribution rate paid by the Montana University System to the Teachers' Retirement System. The new contribution rate is set at 13.53% of the total compensation for all employees participating in the university system retirement program. This rate replaces the previous rates of 4.04% and 4.72% that were in effect for specific periods from July 1, 2001, through June 30, 2007, and beginning July 1, 2007, respectively.

Additionally, the bill mandates that the board periodically review the supplemental employer contribution rate and recommend necessary adjustments to ensure the amortization of the university system's past service liability by July 1, 2033. The bill will take effect on July 1, 2023.

Statutes affected:
Introduced: 19-20-621