House Bill No. 527
Introduced By _______________________________________________________________________________
A Bill for an Act entitled: "An Act providing a one-time permanent ad hoc postretirement benefit increase for retired members and benefit recipients covered under the firefighters' unified retirement system; increasing state contributions from certain insurance premium taxes to pay for the increase; amending section
19-13-604, MCA; and providing an immediate effective date."
Be it enacted by the Legislature of the State of Montana:
NEW SECTION. Section 1. Ad hoc postretirement adjustment. On July 1, 1997, each member who retired on or before June 30, 1994, or the member's beneficiary, is entitled to a one-time permanent increase in the monthly service, disability, or survivorship benefit being paid to the member or the member's beneficiary. The amount of the increase for each benefit recipient must be equal to the difference between what the recipient's benefit is on July 1, 1997, and the benefit that would have been payable on July 1, 1997, if the initial benefit had been increased by 1.5% for each full year after 3 years from the benefit's initiation date.
Section 2. Section 19-13-604, MCA, is amended to read:
"19-13-604. State contribution. The state shall make its contributions through the state auditor from the premium taxes
on the insurance risks enumerated in 19-18-512. These payments must be made annually to the pension trust fund after the
end of each fiscal year but no later than November 1 from the gross premium taxes after deduction for cancellations and
returned premiums. The division shall notify the auditor of the annual compensation, excluding overtime, holiday
payments, shift differential payments, compensatory time payments, and payments in lieu of sick leave, paid to all active
members during the preceding year. The state's contribution is
24.21% 24.4% of this total compensation. As soon as
practicable after receipt of the state contribution, the division shall deposit it in the pension trust fund."
NEW SECTION. Section 3. Codification instruction. [Section 1] is intended to be codified as an integral part of Title 19, chapter 13, part 10, and the provisions of Title 19, chapter 13, part 10, apply to [section 1].
NEW SECTION. Section 4. Effective date. [This act] is effective on passage and approval.