summary
Introduced
12/10/2024
12/10/2024
In Committee
12/20/2024
12/20/2024
Crossed Over
Passed
Dead
05/20/2025
05/20/2025
Introduced Session
2025 Regular Session
Bill Summary
AN ACT ENTITLED: “AN ACT INCREASING THE MONTANA UNIVERSITY SYSTEM RETIREMENT PROGRAM SUPPLEMENTAL EMPLOYER CONTRIBUTION RATE PAID TO THE TEACHERS' RETIREMENT SYSTEM; AMING SECTION 19-20-621, MCA; AND PROVIDING AN EFFECTIVE DATE.”
AI Summary
This bill increases the Montana University System Retirement Program (MUS-RP) supplemental employer contribution rate paid to the Teachers' Retirement System (TRS) from its previous rate of 4.72% to 14.21%. The supplemental contribution is designed to help amortize (gradually pay off) the past service liability for university system members in the retirement system by July 1, 2033. The bill amends section 19-20-621 of Montana Code Annotated to update the contribution percentage and requires the board to continue periodically reviewing the supplemental employer contribution rate and recommending adjustments to the legislature as needed to maintain the planned amortization schedule. The new contribution rate will take effect on July 1, 2025, which means that employers within the university system will need to adjust their financial contributions to the teachers' retirement system at that time to meet the new, higher percentage rate.
Committee Categories
Education
Sponsors (1)
Last Action
(H) Died in Process (on 05/20/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://bills.legmt.gov/#/laws/bill/20251/LC0265 |
| State Bill Page | https://bills.legmt.gov/#/lc/bill/2/LC0265 |
| Fiscal Note HB0051_1 | https://docs.legmt.gov/download-ticket?ticketId=e152fe06-ac12-4e7a-ab2f-b4a1f9963cb2 |
| BillText | https://docs.legmt.gov/download-ticket?ticketId=47e2cc2e-01ef-4cd3-8c3b-4b81da13e408 |
| BillText | https://api.legmt.gov/docs/v1/documents/getContent?documentId=265327 |
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