This bill, requested by the Public Employees' Retirement Board, aims to revise the funding provisions for the Highway Patrol Officers' Retirement System by increasing employer contributions. Specifically, it amends Section 19-6-404 of the Montana Code Annotated (MCA) to raise the state employer contribution rate from 38.33% to 47.84% of compensation paid to employees, with a corresponding increase in the amount equal to 28.15% of total compensation from 28.15% to 37.66%. Additionally, the bill maintains a separate statutorily appropriated contribution of 10.18% from the general fund to the pension trust fund.

The bill also establishes an effective date of July 1, 2023, for these changes to take effect. This legislative action is intended to enhance the financial stability of the retirement system for highway patrol officers by ensuring that employer contributions are adequately funded.

Statutes affected:
Introduced: 19-6-404