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SENATE BILL NO. 5
INTRODUCED BY J. TESTER
BY REQUEST OF THE PUBLIC EMPLOYEES' RETIREMENT BOARD
AN ACT RELATING TO FEES ASSESSED FOR THE ADMINISTRATIVE EXPENSES OF RETIREMENT SYSTEMS; ELIMINATING THE $1 MEMBERSHIP FEE CONTRIBUTED BY EACH EMPLOYER ON BEHALF OF EACH MEMBER OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM; ELIMINATING A FEE FROM THE DEPARTMENT OF FISH, WILDLIFE, AND PARKS USED TO DEFRAY CERTAIN ADMINISTRATIVE EXPENSES OF THE PUBLIC EMPLOYEES' RETIREMENT BOARD; AMENDING SECTION 19-2-408, MCA; AND PROVIDING AN EFFECTIVE DATE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Section 19-2-408, MCA, is amended to read:
"19-2-408. Administrative expenses. (1) The legislature finds that proper administration of the pension trust funds benefits both employers and members and continues to benefit members after retirement.
(2) The administrative expenses of the retirement systems administered by the board must be paid from the investment
earnings on the pension trust fund of the public employees' retirement system
, except as provided in subsection (3). Before
the fiscal yearend closing, the board shall compute the administrative expenses attributable to each retirement system
administered by the board for the immediately preceding fiscal year and transfer that amount from each retirement system's
pension trust fund to the pension trust fund of the public employees' retirement system. The total administrative expenses of
the board, including the administration of the volunteer firefighters' pension plan, may not exceed 1.5% of the total
retirement benefits paid. (3) On January 1 of each year, each employer under the public employees' retirement system shall contribute on behalf
of each member then in its service a membership fee of $1 in addition to other required contributions. The fees must be
used for the purpose of defraying the administrative expense of chapters 2, 3, 5 through 9, and 13 and this chapter. (4) The board may assess and the division may collect a fee from the department of fish, wildlife, and parks for the
purpose of defraying the expenses of administering chapter 8 of this title."
Section 2. Effective date. [This act] is effective July 1, 1999.
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Latest Version of SB 5 (SB0005.ENR)
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