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Montana House State Administration hears refresher on public pensions, funding and oversight
Summary
Committee received an overview of Montana's public pension systems: 11 statewide plans, FY24 assets of $17.1 billion, $4.6 billion in unfunded liabilities, and a 7.3% assumed return. Staff and agency directors outlined funding sources, performance metrics and the legislature's oversight role.
Madam Chair called the House State Administration committee to order and spent the morning reviewing the mechanics and fiscal posture of Montana's public employee retirement systems.
Rebecca Power, legislative staff, told members the state has 11 statewide public retirement systems (nine defined-benefit plans and two defined-contribution plans), with roughly one in 11 Montanans participating either as active members, retirees or beneficiaries. She said FY24 pension assets totaled $17,100,000,000 and that the systems carried about $4,600,000,000 in unfunded liabilities.
"These funds are protected by the constitution," Power said, citing Article 8, Sections 13 and 15, and she summarized the four primary funding sources: member contributions, employer contributions,…
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