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MT SB122
Bill
Status
5/23/2025
Primary Sponsor
Forrest Mandeville
Click for details
AI Summary
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Adds a maximum annual decrease of 0.5% per year to actuarially determined employer contribution rates for three retirement systems: Highway Patrol Officers' Retirement System, Sheriffs' Retirement System, and Game Wardens' and Peace Officers' Retirement System
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Establishes minimum employer contribution rate floors: 38.33% for Highway Patrol Officers', 13.115% for Sheriffs', and 10.56% for Game Wardens' and Peace Officers' retirement systems
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Maintains existing maximum annual increase cap of 0.5% per year for employer contribution rates across all three systems
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Continues existing provisions for legacy unfunded liability amortization over 25 years (starting July 1, 2023) and contemporary unfunded liability amortization over 10-year layered periods
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Effective date of July 1, 2025
Legislative Description
Revising the actuarially determined employer contribution rate and setting a minimum contribution rate
Public Officers and Employees
Last Action
(S) Died in Process
5/23/2025