Montana HB51 increases the supplemental employer contribution rate for the Montana University System Retirement Program to the Teachers' Retirement.

Montana HB51 amends the Montana University System Retirement Program supplemental contributions to the Teachers' Retirement System. It sets the contribution rate at 14.21% of total employee compensation, with specific rates of 4.04% from July 1, 2001, through June 30, 2007, and 4.72% from July 1, 2007. The bill aims to amortize the past service liability of the Teachers' Retirement System for university system members by July 1, 2033. The board is tasked with periodically reviewing the contribution rate and recommending adjustments to the legislature as needed.

Montana HB51 increases the supplemental employer contribution rate for the Montana University System Retirement Program to the Teachers' Retirement.

Montana HB51 amends the Montana University System Retirement Program supplemental contributions to the Teachers' Retirement System. It sets the contribution rate at 14.21% of total employee compensation, with specific rates of 4.04% from July 1, 2001, through June 30, 2007, and 4.72% from July 1, 2007. The bill aims to amortize the past service liability of the Teachers' Retirement System for university system members by July 1, 2033. The board is tasked with periodically reviewing the contribution rate and recommending adjustments to the legislature as needed.