Senate bill NO. 126
INTRODUCED BY G. Hertz
By Request of the ****
A BILL FOR AN ACT ENTITLED: "AN ACT TRANSFERRING funds to montana state fund; and PROVIDING AN EFFECTIVE DATE."
WHEREAS, no other state agency was assessed a management fee of 3% in Senate Bill No. 4; and
WHEREAS, the effect of charging a 3% management fee to the State Fund was the transfer of $28.3 million of money held in trust of policyholders and to transfer it to the state general fund; and
WHEREAS, the purpose of this legislation is to address this wrongful taking.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
NEW SECTION. Section 1. Transfer of funds. (1) By August 15, 2023, the state treasurer shall transfer $33.58 million from the general fund to the state fund account created by 39-71-2321 for claims for injuries resulting from accidents that occurred on or after July 1, 1990.
(2) The sum of the transfer represents the amount of the wrongful taking of state fund monies and lost investment earnings caused by Chapter 4, Special Laws of November 2017.
NEW SECTION. Section 2. Effective date. [This act] is effective July 1, 2023.
Latest Version of SB 126
(SB0126.001)
Processed for the Web on January 10, 2023 (2:03PM)
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