This bill, requested by the Public Employees' Retirement Board, aims to revise various laws related to the Public Employees' Retirement Systems. Key provisions include correcting the interest paid on redeposits of refunded contributions to align with the actuarial assumed rate of return, allowing limited information sharing with employers, and requiring payments to the trust of a minor beneficiary. Additionally, the bill clarifies the application of excess earnings in calculating the highest and final average compensation, revises the definition of compensation, and updates membership criteria in the Public Employees' Retirement System.

Further, the legislation clarifies provisions regarding the transfer and purchase of service credits from the Teachers' Retirement System, permits members to voluntarily cancel a disability retirement benefit, and refines the definition of "sheriff" in relation to the Sheriffs' Retirement System. It also establishes a time limit for the board's approval of late fire company annual certificates and training records. The bill amends multiple sections of the Montana Code Annotated (MCA) to implement these changes and includes specific effective dates for the new provisions.

Statutes affected:
SB0074_1.pdf: 19-2-403, 19-2-603, 19-2-803, 19-2-1005, 19-3-108, 19-3-318, 19-3-403, 19-3-511, 19-3-1015, 19-3-1106, 19-3-1211, 19-5-612, 19-6-612, 19-7-101, 19-7-612, 19-8-712, 19-9-904, 19-13-805, 19-17-112
Amended: 19-2-403, 19-2-603, 19-2-803, 19-2-1005, 19-3-108, 19-3-318, 19-3-403, 19-3-511, 19-3-1015, 19-3-1106, 19-3-1211, 19-5-612, 19-6-612, 19-7-101, 19-7-612, 19-8-712, 19-9-904, 19-13-805, 19-17-112
Introduced: 19-2-403, 19-2-603, 19-2-803, 19-2-1005, 19-3-108, 19-3-318, 19-3-403, 19-3-511, 19-3-1015, 19-3-1106, 19-3-1211, 19-5-612, 19-6-612, 19-7-101, 19-7-612, 19-8-712, 19-9-904, 19-13-805, 19-17-112