This bill updates the employer contribution rates for three Montana law enforcement retirement systems: the Highway Patrol Officers' Retirement System, the Sheriffs' Retirement System, and the Game Wardens' and Peace Officers' Retirement System. It establishes a minimum contribution rate of 38.33% for state employees and 13.115% for local employers, ensuring rates cannot fall below these amounts. The legislation also sets limits on annual rate changes, allowing increases or decreases of no more than 0.5% per year, and outlines how contributions should be calculated to cover legacy unfunded liabilities, contemporary unfunded liabilities, and normal costs of benefits as they accrue.
This bill allocates $65 million from Montana's general fund to the Highway Patrol Officers' Retirement System pension fund for fiscal year 2025. The one-time supplemental contribution is intended to address the system's unfunded liability of approximately $65.4 million as of the end of fiscal year 2024. The funding directly benefits active and retired members of the Montana Highway Patrol by strengthening their retirement benefits. The appropriation takes effect on July 1, 2025.
This bill revises Montana's state finance laws by updating how investment income is split between the general fund and the debt and liability free account, requiring an equal 50/50 distribution starting in fiscal year 2025. It establishes a $150 million cap on the debt and liability free account, mandating that any excess funds be transferred to the pension state special revenue account to boost its balance to $300 million. The legislation also clarifies reporting requirements for the debt and liability free account and adjusts employer supplemental contribution rates for retirement systems. These changes directly affect state budget management, debt repayment strategies, and pension funding levels.
This bill reinstates former employer contribution rates for four specific Montana retirement systems: the Judges' Retirement System, Highway Patrol Officers' Retirement System, Sheriffs' Retirement System, and Game Wardens and Peace Officers' Retirement System. It directly affects state agencies and employees participating in these retirement plans by restoring their previous funding levels. The legislation amends multiple sections of the Montana Code Annotated to authorize these contributions and includes provisions for necessary appropriations to fund the changes. The bill also establishes an effective date and a retroactive applicability date for the reinstated contribution rates.
HB 370 proposed to appropriate $65 million from the state's general fund. This funding was designated as a one-time supplemental contribution to the Montana Highway Patrol Officers' Retirement System pension fund. The bill aimed to address a reported unfunded liability within the pension system. If enacted, it would have directly affected the financial stability of the pension fund for current and retired Montana Highway Patrol officers and their beneficiaries, with an effective date of July 1, 2025.
This bill revises and expands supplemental employer contributions to several state retirement systems, directly impacting state and local government employers and the retirement funds for their employees. For the Public Employees' Retirement System (PERS), it extends the schedule of increasing supplemental employer contributions through fiscal year 2035 and then sets a higher rate. Additionally, the bill introduces new supplemental employer contribution rates for the Highway Patrol Officers' Retirement System, the Sheriffs' Retirement System, and the Game Wardens' and Peace Officers' Retirement System. These new contributions are intended to help address unfunded liabilities and cover the normal cost of benefits for these specific systems.
House Bill 700 (HB 700) proposes to shorten the maximum amortization period for statewide defined benefit public employee retirement systems from 30 years to 25 years. This change directly affects the funding requirements for various public employee retirement plans, including those for general public employees, judges, highway patrol officers, sheriffs, police officers, firefighters, and teachers. The bill specifies that contributions must be sufficient to cover future benefits and amortize unfunded liabilities over this shorter 25-year period. Additionally, it establishes that no new benefits can be added to these systems unless they can amortize within 25 years or less and are projected to be fully funded.
HB 85 reinstates former employer contribution rates for four specific public employee retirement systems: the Judges', Highway Patrol Officers', Sheriffs', and Game Wardens' and Peace Officers' Retirement Systems. This directly impacts the governmental entities that employ these personnel and contribute to their pensions. The bill also amends the state's property tax levy calculation procedures, outlining how local governments determine their maximum mill levies based on factors like prior year assessments and newly taxable property. It specifically exempts certain levies, such as those funding the sheriffs' retirement system, from these new
This bill (LC 1145) proposed establishing ongoing transfers from the state's General Fund to support infrastructure projects and pension funding, unless specific fiscal conditions were met. It aimed to create a sustained funding mechanism for these priorities without requiring annual legislative approval. However, the bill never advanced beyond the drafting stage, as it was placed on hold in November 2024 and ultimately died in process by May 2025. No further action or implementation occurred.
HB 924 creates the Montana Growth and Opportunity Trust, funded by half of the state's unpredictable revenue (like capital gains or oil royalties) starting in 2027. Interest income from the trust is split: half distributes $15 million annually to five specific programs (disaster resiliency, property tax relief, water development, bridge repairs, and early childhood care), while the other half reinvests in pension funds and housing infrastructure. The bill establishes new accounts for these programs and sets rules for calculating volatile revenue using historical data to stabilize budgeting. It directly affects state budgeting, early childhood services, infrastructure projects, and pension systems through mandatory funding allocations.
