House Bill No. 444
Introduced By wells, bitney, mcgee, emerson, denny, wiseman, brainard, jore, walters
A Bill for an Act entitled:
"An Act making the designated model year of
a motor home, travel trailer, camper, or motorcycle correspond with the purchase year for the purposes of imposing fees in lieu of tax if the
purchase year precedes the model year; amending sections 61-3-522, 61-3-523,
and 61-3-527, MCA; and providing an effective date and an applicability date."
Be it enacted by the Legislature of the State of Montana:
"Section 6. Section 19-21-203, MCA, is amended to read:
"19-21-203. Contributions. (1) (a) Each optional retirement program participant shall contribute an amount equal to the member's contribution required under 19-20-602 or, in the case of participants eligible for membership in the public employees' retirement system, the contribution required under 19-3-315.
(b) The board of regents shall contribute an amount that, when added to the participant's contribution, is equal to 12% of the participant's earned compensation.
On or after July 1, 1997, the The board of regents may:
(i) reduce the participant's contribution rate established in subsection (1) to an amount not less than 6% of the participant's earned compensation; and
(ii) increase the employer's contribution rate to an amount not greater than 6% of the participant's earned compensation.
(b) The sum of the participant's and employer's contributions made under subsection (2)(a) must remain at 12% of the participant's earned compensation.
(3) The board of regents shall determine whether the participant's contribution is to be made by salary reduction under section 403(b) of the Internal Revenue Code of 1954 or by employer pick-up under section 414(h)(2) of that code.
(4) The disbursing officer of the employer or other official designated by the board of regents shall pay both the participant's contribution and the appropriate portion of the regents' contribution to the designated company or companies for the benefit of the participant.
(5) (a) The board of regents shall
contribute the amounts specified in subsection (5)(b) make the supplemental
contributions to the teachers' retirement system as provided in [section 1 of House Bill No. 121] to discharge the obligation
incurred by the employees of the Montana university system who elect or who are required to become members of the
optional retirement plan. The contributions paid by the board are for the past service liability incurred by active, inactive,
and retired members of the teachers' retirement system and must be consistent with the requirements of 19-21-111.
Beginning July 1, 1993, through June 30, 1997, the contributions to be made by the board of regents must equal 2.503%
of earned compensation attributable to optional retirement participants. (ii) Beginning July 1, 1997, the contribution rate must be adjusted, pursuant to 19-20-201, based on the actual experience of
the members of the Montana university system who are members of the teachers' retirement system, and must be set at a
rate sufficient to amortize the past service liability of the university system members by July 1, 2033. Beginning January 1,
1998, through June 30, 2003, the board of regents shall make supplemental contributions to the public employees'
retirement system equal to 3.1% of earned compensation attributable to optional retirement program participants eligible
pursuant to 19-21-201(1)(b)."