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Committee hears plan to incrementally raise employer contributions for multiple public-employee retirement systems
Summary
Senate Bill 56 would add a 0.1 percentage-point employer contribution each year for 10 years to reduce amortization periods across several retirement systems. Proponents argued the incremental plan improves actuarial soundness; committee received broad support from unions, retired-employee groups and municipal representatives.
HELENA — The House State Administration Committee heard testimony March 17 on Senate Bill 56, a proposal to incrementally raise employer contribution rates for multiple Montana public-employee retirement systems.
Senate Bill 56, presented to the committee as the product of the interim State Administration and Veterans' Affairs committee, would impose a 0.1 percentage-point increase in employer contributions each year for 10 years. William Hollahan, executive director of the Montana Public Employee Retirement Administration, testified that the phased increases would reduce amortization periods in actuarial valuations: under the fiscal note as presented, PERS’ amortization would drop from 27 to 26 years, the…
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