Bill
Bill > HB700
MT HB700
Changing the amortization period for statewide DB retirement systems to 25 years
summary
Introduced
02/24/2025
02/24/2025
In Committee
02/24/2025
02/24/2025
Crossed Over
Passed
Dead
05/20/2025
05/20/2025
Introduced Session
2025 Regular Session
Bill Summary
AN ACT ENTITLED: “AN ACT CHANGING THE AMORTIZATION PERIOD FOR THE STATEWIDE DEFINED BENEFIT PUBLIC EMPLOYEE RETIREMENT SYSTEMS FROM 30 YEARS TO 25 YEARS; AMING 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, MCA; AND PROVIDING AN EFFECTIVE DATE.”
AI Summary
This bill changes the amortization period for various statewide defined benefit (DB) public employee retirement systems from 30 years to 25 years. In the context of retirement systems, amortization refers to the process of gradually paying off unfunded liabilities, which are the difference between a pension system's total promised benefits and its current assets. The bill specifically modifies the benefit policy statements for multiple retirement systems, including the public employees' retirement system, judges' retirement system, highway patrol officers' retirement system, sheriffs' retirement system, game wardens' and peace officers' retirement system, municipal police officers' retirement system, firefighters' unified retirement system, Volunteer Firefighters' Compensation Act, and teachers' retirement system. Under the new provisions, additional benefits may only be added to these systems if they can be fully funded within 25 years or less and are projected to be sustainable in perpetuity. The bill is set to take effect on July 1, 2025, and aims to ensure these retirement systems maintain stronger financial footing by requiring faster elimination of unfunded liabilities.
Committee Categories
Government Affairs
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/2/LC4305 |
| State Bill Page | https://bills.legmt.gov/#/lc/bill/2/LC4305 |
| Fiscal Note HB0700_1 | https://docs.legmt.gov/download-ticket?ticketId=c03a9636-abef-4725-aa1d-d8acd43b260d |
| BillText | https://docs.legmt.gov/download-ticket?ticketId=e2e9cf27-4dcd-482e-b147-d39cd646ab83 |
| BillText | https://api.legmt.gov/docs/v1/documents/getContent?documentId=285551 |
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