House Bill No. introduced by E. Matthews, at the request of the Teachers' Retirement Board, proposes an amendment to Section 19-20-621 of the Montana Code Annotated. The bill aims to increase the supplemental employer contribution rate paid to the Teachers' Retirement System by employers within the Montana University System. The new contribution rate will be set at 14.21% of the total compensation for all employees participating in the university system retirement program, replacing the previous rates of 4.04% and 4.72% that were in effect from July 1, 2001, through June 30, 2007, and beginning July 1, 2007, respectively.

Additionally, the bill stipulates that the Teachers' Retirement Board will periodically review the supplemental employer contribution rate and recommend necessary adjustments to ensure the amortization of the university system's past service liability by July 1, 2033. The act is set to take effect on July 1, 2025.

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: 19-20-621