The bill aims to revise state finance laws by making several key changes to funding allocations and reporting requirements. It establishes a framework for transferring investment income equally between the general fund and the debt and liability free account, while also placing a cap on the latter. The bill amends existing sections of the Montana Code Annotated (MCA) to clarify the purpose of the debt and liability free account, which includes paying off outstanding bonds and reducing general obligation bond issuances. Additionally, it mandates that 50% of the interest income from the treasury cash account be deposited into the debt and liability free account for the fiscal year beginning July 1, 2025, and for subsequent years.

Furthermore, the bill increases the employer supplemental contribution rate for retirement systems, with specific percentages outlined for different fiscal years. It also includes provisions for transferring funds from the general fund to the pension state special revenue account, ensuring that the retirement systems meet their long-term rate of return assumptions. The bill introduces new reporting requirements for the office of budget and program planning and establishes a timeline for transferring $300 million from the general fund by June 30, 2025. Overall, the legislation seeks to enhance the management of state finances and improve the stability of retirement systems in Montana.

Statutes affected:
LC Text: 17-6-202, 17-6-214, 17-7-134, 19-3-316, 19-20-609
SB0287_1: 17-6-202, 17-6-214, 17-7-134, 19-3-316, 19-20-609