House Bill No. introduced by B. Mercer proposes to change the amortization period for the statewide defined benefit public employee retirement systems from 30 years to 25 years. This amendment affects multiple sections of the Montana Code Annotated (MCA), specifically sections 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, and 19-20-111. The bill stipulates that additional benefits may only be added to these retirement systems if they can be amortized within the new 25-year timeframe and are projected to be fully funded in perpetuity.

The bill also includes a provision that establishes an effective date of July 1, 2025, for the changes to take effect. By reducing the amortization period, the bill 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
HB0700_1(1): 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
HB0700_1(2): 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
HB0700_1: 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