MontanaMontana would move money and set payment rules for public pensions
The state treasurer would move $300 million into a state account, while pension boards could certify certain transfers and employers would make supplemental payments.
What it does
The state treasurer would move $300 million from the general fund into a state account that may support public pensions and other listed state needs.
If either public pension system's returns fall below its board's assumed rate for two years, the board could certify a limited transfer from the state pension account.
Employers would make supplemental pension payments under a schedule that rises over time, with a possible end if the stated actuarial test is met.
Employers would make supplemental pension payments under a rising schedule; the board could lower or later raise the rate if specified funding tests are met.
Argument forCertified transfers could help teachers' and public employees' pension systems meet their investment goals when returns fall below the rates their boards assume.
Argument againstHigher required pension payments could leave employers, including local governments and school districts, with less money for other needs.
More detail
The state treasurer would transfer $300 million from the general fund to the pension state special revenue account. The account may fund state-administered pension systems and certain other state accounts. The transfer would be due by June 30, 2025.
The state treasurer would transfer money from the pension state account to either retirement system after its board certifies the amount needed. This applies to the Teachers' Retirement System and the Public Employees' Retirement System if returns over the previous two fiscal years are below the rate assumed by the system's board. A transfer could be no more than 25% of the account balance and could cover only the amount needed to bring the system's return for the previous fiscal year up to its assumed rate. The treasurer would transfer the certified amount within 30 days after receiving the board's certification. The treasurer would transfer the certified amount within 30 days after receiving the board's certification.
Employers would make supplemental contributions to the Public Employees' Retirement System under the rates stated in the bill. The contributions are based on pay to employees who are members of the Public Employees' Retirement System. The text states a 2.27% rate, later annual increases of 0.2 percentage points through fiscal year 2037, and a 4.27% rate for later fiscal years. The board would review the added contribution each year and recommend adjustments as needed. Contributions would end if the stated actuarial test is met. The text sets out rates for fiscal years after June 30, 2024, annual increases after June 30, 2027, through the fiscal year ending June 30, 2037, and a later rate.
Employers would make supplemental contributions to the Teachers' Retirement System under the rates stated in the bill. The contributions are based on pay to members of the Teachers' Retirement System. The text states a 2% rate, later annual increases of 0.2 percentage points through fiscal year 2037, and a 4% rate for later fiscal years. The board could lower the rate only if all three stated funding and benefit tests are met. After a decrease, it could raise the rate to no more than 1% if the stated funding tests are met. A board decision to impose, raise, or lower the rate would take effect on the following July 1.
Where do you stand?
Choose your position
Tell your reps
Take a position to see your representatives and ways to contact them.
Where it stands
- Introduced
- Died
Looking ahead
No hearings or votes scheduled.
History
- 2025
- May 23(S) Died in ProcessDied
- Apr 24(H) 2nd ReadingMinor
- Vote recorded Do Concur. Result: fail.Lower
- Vote recorded AMD-SB0287.003.003 Mercer DO PASS. Result: fail.Lower
- Vote recorded AMD-SB0287.003.002 Falk DO PASS. Result: fail.Lower
- Apr 24(H) 2nd Reading Motion to AmendMinor
- Apr 24(H) 2nd Reading Motion to AmendMinor
- Apr 24(H) Scheduled for 2nd ReadingMinor
- Apr 23(S) Revised Fiscal Note Requested
- Apr 23(H) Committee Report - (H) Appropriations
- Apr 22(S) Revised Fiscal Note ReceivedMinor
- Vote recorded be_concurred_in_as_amended. Result: pass.Lower
- Apr 22(S) Fiscal Note ReceivedMinor
- Apr 22(H) Committee Executive Action - (H) Appropriations
- Apr 18(S) Revised Fiscal Note Signed
- Apr 18(S) Revised Fiscal Note ReceivedMinor
- Apr 17(H) Hearing - (H) Appropriations
- Apr 17(H) Hearing Canceled - (H) Appropriations
- Apr 17(H) Hearing - (H) Appropriations
- Apr 17(H) Hearing Canceled - (H) Appropriations
- Apr 16(H) Hearing - (H) Appropriations
- Apr 16(H) Rereferred to Committee - (H) AppropriationsMinor
- Apr 16(S) Fiscal Note Requested
- Apr 16(S) Revised Fiscal Note Requested
- Apr 15(H) Committee Report - (H) State Administration
- Vote recorded be_concurred_in_as_amended. Result: pass.Lower
- Apr 15(H) Committee Executive Action - (H) State Administration
- Apr 7(H) Hearing - (H) State Administration
- Apr 7(H) 1st Reading
- Apr 7(H) Referred to Committee - (H) State AdministrationMinor
- Apr 4(S) Transmitted to House
- Vote recorded Do Pass. Result: pass.Upper
- Vote recorded Do Pass. Result: pass.Upper
- Vote recorded AMD-SB0287.001.005 Glimm D/PASS. Result: fail.Upper
- Vote recorded AMD-SB0287.001.004 Glimm D/PASS. Result: fail.Upper
- Vote recorded AMD-SB0287.001.003 Glimm D/PASS. Result: fail.Upper
- Apr 4(S) 3rd Reading
- Apr 4(S) Scheduled for 3rd ReadingMinor
- Apr 4(S) 2nd ReadingMinor
- Apr 4(S) 2nd Reading Motion to AmendMinor
- Apr 4(S) 2nd Reading Motion to AmendMinor
- Apr 4(S) 2nd Reading Motion to AmendMinor
- Apr 3(S) Scheduled for 2nd ReadingMinor
- Apr 3(S) 2nd Reading Pass ConsiderationMinor
- Apr 2(S) Committee Report - (S) Finance and Claims
- Apr 1(S) Committee Executive Action - (S) Finance and Claims
- Vote recorded do_pass. Result: pass.Upper
- Mar 24(S) Hearing - (S) Finance and Claims
- Mar 14(S) Hearing Canceled - (S) Finance and Claims
- Mar 12(S) Hearing - (S) Finance and Claims
- Mar 7(S) Rereferred to Committee - (S) Finance and ClaimsMinor
- Mar 1(S) Committee Report - (S) State Administration
- Vote recorded do_pass. Result: pass.Upper
- Mar 1(S) Committee Executive Action - (S) State Administration
- Feb 25(S) Fiscal Note Requested
- Feb 24(S) Fiscal Note Unsigned
- Feb 23(S) Hearing - (S) State Administration
- Feb 21(S) Fiscal Note ReceivedMinor
- Feb 20(S) Fiscal Note Requested
- Feb 10(S) Referred to Committee - (S) State AdministrationMinor
- Feb 10(S) 1st Reading
- Feb 7(S) Introduced
- Feb 6(LC) Draft Delivered to Requester
- Feb 4(LC) Draft Ready for Delivery
- Jan 31(LC) Draft in Assembly
- Jan 30(LC) Draft in Final Drafter Review
- Jan 28(LC) Draft in Input/Proofing
- Jan 28(LC) Draft in Edit
- Jan 23(LC) Draft in Legal Review
- Jan 13(LC) Draft Taken Off Hold
- Jan 13(LC) Draft Taken Off Hold
- 2024
- Dec 8(LC) Draft On Hold
- Dec 8(LC) Drafter AssignedIntroduced
Taxes & BudgetEconomy & Jobs