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, which pertains to the supplemental employer contribution rate for the Montana University System Retirement Program. The bill increases the supplemental employer contribution rate to 14.21% of the total compensation for all employees participating in the program. This new rate replaces 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 mandates that each employer within the university system must contribute to the Teachers' Retirement System to ensure the amortization of the past service liability for university system members by July 1, 2033. The Teachers' Retirement Board is tasked with periodically reviewing the contribution rate and recommending adjustments to the legislature as necessary. 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(4): 19-20-621
HB0051_1(5): 19-20-621
HB0051_1: 19-20-621