AN ACT RELATING TO FEES ASSESSED FOR THE ADMINISTRATIVE EXPENSES OF RETIREMENT SYSTEMS; ELIMINATING THE $1 MEMBERSHIP FEE CONTRIBUTED BY EACH EMPLOYER ON BEHALF OF EACH MEMBER OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM; ELIMINATING A FEE FROM THE DEPARTMENT OF FISH, WILDLIFE, AND PARKS USED TO DEFRAY CERTAIN ADMINISTRATIVE EXPENSES OF THE PUBLIC EMPLOYEES' RETIREMENT BOARD; AMENDING SECTION 19-2-408, MCA; AND PROVIDING AN EFFECTIVE DATE.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:

Section 1. Section 19-2-408, MCA, is amended to read:

"19-2-408. Administrative expenses. (1) The legislature finds that proper administration of the pension trust funds benefits both employers and members and continues to benefit members after retirement.

(2) The administrative expenses of the retirement systems administered by the board must be paid from the investment earnings on the pension trust fund of the public employees' retirement system . Before the fiscal yearend closing, the board shall compute the administrative expenses attributable to each retirement system administered by the board for the immediately preceding fiscal year and transfer that amount from each retirement system's pension trust fund to the pension trust fund of the public employees' retirement system. The total administrative expenses of the board, including the administration of the volunteer firefighters' pension plan, may not exceed 1.5% of the total retirement benefits paid.

"

Section 2. Effective date. [This act] is effective July 1, 1999.

- END -

I hereby certify that the within bill,

SB 0005, originated in the Senate.

Secretary of the Senate

President of the Senate

Signed this	day

of	, .

Speaker of the House

Signed this	day

of	, .

SENATE BILL NO. 5

INTRODUCED BY J. TESTER

BY REQUEST OF THE PUBLIC EMPLOYEES' RETIREMENT BOARD

AN ACT RELATING TO FEES ASSESSED FOR THE ADMINISTRATIVE EXPENSES OF RETIREMENT SYSTEMS; ELIMINATING THE $1 MEMBERSHIP FEE CONTRIBUTED BY EACH EMPLOYER ON BEHALF OF EACH MEMBER OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM; ELIMINATING A FEE FROM THE DEPARTMENT OF FISH, WILDLIFE, AND PARKS USED TO DEFRAY CERTAIN ADMINISTRATIVE EXPENSES OF THE PUBLIC EMPLOYEES' RETIREMENT BOARD; AMENDING SECTION 19-2-408, MCA; AND PROVIDING AN EFFECTIVE DATE.