This bill revises the supplemental employer contributions to various retirement systems in Montana, specifically extending and increasing the contribution rates for the Public Employees' Retirement System (PERS) and introducing new rates for the Highway Patrol Officers' Retirement System, the Sheriffs' Retirement System, and the Game Wardens' and Peace Officers' Retirement System. Key amendments include increasing the additional employer contribution rate from 2.27% to 3.27% for PERS starting in fiscal year 2036, and establishing a new additional employer contribution rate of 0.1% for fiscal year 2026, which will increase by 0.1% each subsequent fiscal year until it reaches 1% for fiscal years beginning after June 30, 2035.

The bill also mandates that the public employees' retirement board review the additional employer contributions annually and recommend adjustments to ensure the amortization schedule for the system's unfunded liabilities is maintained. The effective date for these changes is set for July 1, 2025. Overall, the bill aims to enhance the financial stability of the retirement systems by adjusting contribution rates and ensuring proper funding levels are met.

Statutes affected:
LC Text: 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_1(1): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_1(2): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_1(3): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_1(4): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_1(5): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_1(6): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_1: 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(1): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(10): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(11): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(12): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(13): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(14): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(2): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(3): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(4): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(5): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(6): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(7): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(8): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2(9): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_2: 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_X(1): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_X(2): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_X(3): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_X(4): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_X(5): 19-3-316, 19-6-404, 19-7-404, 19-8-504
SB0056_X: 19-3-316, 19-6-404, 19-7-404, 19-8-504