Montana Code 19-20-621. Montana university system retirement program supplemental contributions
19-20-621. Montana university system retirement program supplemental contributions. (1) Each employer within the university system with employees participating in the university system retirement program under Title 19, chapter 21, shall contribute to the teachers’ retirement system a supplemental employer contribution sufficient to amortize, by July 1, 2033, the past service liability of the teachers’ retirement system for the university system members.
Terms Used In Montana Code 19-20-621
- Amortization: Paying off a loan by regular installments.
- board: means the retirement system's governing board provided for in 2-15-1010. See Montana Code 19-20-101
- Employer: means :
(a)the state of Montana;
(b)a public school district, as provided in 20-6-101 and 20-6-701;
(c)the office of public instruction;
(d)the board of public education;
(e)an education cooperative;
(f)the Montana school for the deaf and blind, as described in 20-8-101;
(g)the Montana youth challenge program, as defined in 10-1-101;
(h)a correctional facility, as defined in 41-5-103;
(i)the Montana university system;
(j)a community college; or
(k)any other agency, political subdivision, or instrumentality of the state that employs a person who is designated a member of the retirement system pursuant to 19-20-302. See Montana Code 19-20-101
- Service: means the performance of duties that would entitle the person to active membership in the retirement system under the provisions of 19-20-302. See Montana Code 19-20-101
(2)The university system retirement program supplemental employer contribution as a percentage of the total compensation of all employees participating in the program is:
(a)4.04% beginning July 1, 2001, through June 30, 2007; and
(b)4.72% beginning July 1, 2007.
(3)The board shall periodically review the supplemental employer contribution rate and recommend adjustments to the legislature as needed to maintain the amortization of the university system’s past service liability by July 1, 2033.