HOUSE BILL NO. 301
INTRODUCED BY D. WANZENRIED
A BILL FOR AN ACT ENTITLED: "AN ACT REQUIRING THE STATE COMPENSATION INSURANCE FUND TO USE 40 PERCENT OF THE MONEY EARNED THROUGH THE INVESTMENT OF STATE FUND ASSETS; PROVIDING FOR USE OF 20 PERCENT OF EARNINGS FOR ENHANCEMENT OF BENEFITS PAID TO INJURED WORKERS AND 20 PERCENT TO REDUCE EMPLOYER PREMIUMS; AMENDING SECTION 39-71-2320, MCA; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE AND AN APPLICABILITY DATE."
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Section 39-71-2320, MCA, is amended to read:
"39-71-2320. Property of state fund -- investment required -- exception. (1) Except as provided in subsection (2), all premiums and other money paid to the state fund, all property and securities acquired through the use of money belonging to the state fund, and all interest and dividends earned upon money belonging to the state fund are the sole property of the state fund and must be used exclusively for the operations and obligations of the state fund. The money collected by the state fund may not be used for any other purpose. However, state fund money must be invested by the board of investments provided for in 2-15-1808.
(2) The state fund shall pay to the general fund:
(a) $10 million in the fiscal year ending June 30, 1998; and
(b) $10 million in the fiscal year ending June 30, 1999 The state fund shall, after paying expenses and premiums, use
40% of the money earned from the investment of state fund assets in private corporate capital stock as follows:
(a) 20% to pay workers' compensation benefits enhanced on or after [the effective date of this act]; and
(b) 20% to reduce employer premiums."
NEW SECTION. Section 2. Effective date -- applicability. [This act] is effective on passage and approval and applies to earnings received on or after [the effective date of this act].
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Latest Version of HB 301 (HB0301.01)
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