Bill > SB56

This bill adjusts supplemental employer contribution rates for multiple state retirement systems, including the Public Employees' Retirement System (PERS), Highway Patrol Officers' Retirement System (HPORS), Sheriffs' Retirement System (SRS), and Game Wardens' and Peace Officers' Retirement System (GWPORS). The bill extends and modifies existing supplemental employer contribution schedules, gradually increasing contribution percentages from fiscal year 2026 through fiscal year 2035. For each system, employers will start with a 0.1% additional contribution in fiscal year 2026, incrementally increasing by 0.1% each year until reaching 1% in fiscal years beginning after June 30, 2035. The bill requires the retirement board to annually review these additional contributions and recommend legislative adjustments to maintain the systems' amortization schedules for unfunded liabilities. The additional employer contributions can be terminated if an actuarial valuation determines that stopping the extra contributions would not cause the system's amortization period to exceed 25 years. These changes aim to help improve the long-term financial stability of these public employee retirement systems by ensuring consistent, predictable funding to address existing unfunded liabilities. The bill will take effect on July 1, 2025.

Budget and Finance, Government Affairs

https://bills.legmt.gov/#/laws/bill/2/LC0225