Senate Bill No. [insert bill number] proposes revisions to the participation of legislators in public retirement systems, specifically mandating that new legislators join the Public Employees' Retirement System (PERS) defined contribution plan. The bill amends Section 5-2-304 of the Montana Code Annotated (MCA) to establish different requirements for legislators based on their prior membership in retirement systems. For instance, those elected or appointed for the first time on or after July 1, 2025, who are not currently members of any retirement system, must become active members of the PERS defined contribution plan. Additionally, the bill clarifies the options available to inactive or retired members of various retirement systems regarding their participation upon becoming legislators.

The bill also includes provisions for current active members of public retirement systems, allowing them to continue their participation while serving as legislators. It requires that these legislators file an irrevocable written election within 90 days of taking office to maintain their active membership. The effective date for the new provisions is set for June 30, 2025. Overall, the bill aims to streamline the retirement system participation process for legislators and ensure that new members are integrated into the defined contribution plan.

Statutes affected:
LC Text: 5-2-304
SB0141_1(1): 5-2-304
SB0141_1(2): 5-2-304
SB0141_1(3): 5-2-304
SB0141_1(4): 5-2-304
SB0141_1(5): 5-2-304
SB0141_1: 5-2-304