House Bill No. introduced by E. Matthews, at the request of the Teachers' Retirement Board, proposes an increase in the supplemental employer contribution rate paid to the Teachers' Retirement System by employers within the Montana University System. The bill amends Section 19-20-621 of the Montana Code Annotated (MCA) to establish the new contribution rate at 14.21%, replacing the previous rates of 4.04% beginning July 1, 2001, through June 30, 2007; and 4.72% beginning July 1, 2007. This adjustment aims to ensure that the past service liability of the Teachers' Retirement System for university system members is fully amortized by July 1, 2033. Additionally, the bill mandates that the board periodically review the supplemental employer contribution rate and recommend necessary adjustments to the legislature to maintain the amortization schedule. The effective date for this act is set for July 1, 2025, allowing time for implementation and compliance by the university system employers.

Statutes affected:
LC Text: 19-20-621
HB0051_1(1): 19-20-621
HB0051_1(2): 19-20-621
HB0051_1(3): 19-20-621
HB0051_1(4): 19-20-621
HB0051_1(5): 19-20-621
HB0051_1: 19-20-621