2001 Montana Legislature

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HOUSE BILL NO. 491

INTRODUCED BY J. TROPILA, SCHMIDT, CALLAHAN, GALVIN-HALCRO, MANGAN, MATTHEWS

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AN ACT INCREASING THE BENEFIT PAID TO CERTAIN BENEFIT RECIPIENTS IN THE MUNICIPAL POLICE OFFICERS' RETIREMENT SYSTEM WHO ARE NOT COVERED BY THE GUARANTEED ANNUAL BENEFIT ADJUSTMENT BY PROVIDING A ONE-TIME PERMANENT AD HOC PURCHASING POWER ADJUSTMENT; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE.



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



     Section 1.  One-time permanent ad hoc purchasing power adjustment. Beginning with the first benefit payment after [the effective date of this act], the board shall provide a one-time permanent ad hoc benefit increase to retired members and beneficiaries of the retirement system who are receiving a monthly retirement benefit and who are not covered by [19-9-1009 or 19-9-1010]. The ad hoc benefit increase must be calculated by the board actuary and approved by the board. The benefit increase must be designed to bring the benefit recipient's current benefit up to a level estimated to be no less than 75% of the purchasing power of the original recipient's initial monthly benefit. Purchasing power must be calculated considering the date that the first benefit was paid to the original benefit recipient, applicable benefit increases since that date, and a comparison with the consumer price index for urban wage earners and workers, compiled by the bureau of labor statistics of the United States department of labor since the date the first benefit was paid to the original benefit recipient.



     Section 2.  Codification instruction. [Section 1] is intended to be codified as an integral part of Title 19, chapter 9, part 10, and the provisions of Title 19, chapter 9, part 10, apply to [section 1].



     Section 3.  Coordination instruction. If House Bill No. 294 is passed and approved, then the bracketed language in [section 1 of this act] citing 19-9-1009 and 19-9-1010 must read "[section 16 of House Bill No. 294]".



     Section 4.  Effective date. [This act] is effective on passage and approval.

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Latest Version of HB 491 (HB0491.ENR)
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