This bill proposes to amend various sections of the Montana Code Annotated (MCA) to change the amortization period for the statewide defined benefit public employee retirement systems from 30 years to 25 years. The amendments affect multiple retirement systems, including the public employees', judges', highway patrol officers', sheriffs', game wardens' and peace officers', municipal police officers', firefighters', volunteer firefighters', and teachers' retirement systems. The bill stipulates that additional benefits may only be added to these systems if they can be amortized within the new 25-year timeframe and are projected to be fully funded in perpetuity.

The bill includes specific legal language changes, replacing instances of "30 years" with "25 years" in the relevant sections of the MCA. Additionally, it establishes an effective date for the changes, set for July 1, 2025. This legislative adjustment aims to ensure that the retirement systems remain financially sound and sustainable for current and future beneficiaries.

Statutes affected:
LC Text: 19-2-409, 19-3-109, 19-5-106, 19-6-107, 19-7-106, 19-8-106, 19-9-109, 19-13-111, 19-17-117, 19-20-111