This bill proposes an extension and increase of the employer contribution rates for the Public Employees' Retirement System in Montana. Specifically, it amends Section 19-3-316 of the Montana Code Annotated (MCA) to adjust the additional employer contribution percentage from 1.27% for fiscal year 2014, increasing by 0.1% each fiscal year, to a new rate of 3.27% for fiscal years beginning after June 30, 2034. The bill also stipulates that the employer contribution required under this section will terminate on January 1 following the board's receipt of the system's actuarial valuation if certain conditions regarding the amortization period are met.

Additionally, the bill establishes an effective date of July 1, 2023, for these changes. The adjustments aim to ensure the sustainability of the retirement system by addressing unfunded liabilities while providing a structured increase in employer contributions over the specified period.

Statutes affected:
Introduced: 19-3-316