19-20-604. (Temporary) State contributions -- termination. The state shall contribute monthly from the general fund to the pension trust fund a sum equal to 0.11% of the compensation of members participating in the system on or after July 1, 1999. The contributions are statutorily appropriated, as provided in 17-7-502, to the pension trust fund. The state contribution provided for in this section terminates when the amortization period for the system's unfunded liability is 10 years or less according to the system's latest actuarial valuation. The board shall certify amounts due under this section on a monthly basis. The state treasurer shall transfer the certified amounts to the pension trust fund within 1 week. (Terminates on occurrence of contingency--sec. 10, Ch. 360, L. 1999.)
History: En. Sec. 2, Ch. 360, L. 1999.
Structure Montana Code Annotated
Title 19. Public Retirement Systems
Chapter 20. Teachers' Retirement
Part 6. Funds -- Contributions
19-20-601. Method of financing
19-20-602. Annuity savings account -- member's contribution
19-20-603. Withdrawal from membership -- refund of accumulated contributions -- options
19-20-604. State contributions -- termination
19-20-605. Pension accumulation account -- employer's contribution
19-20-607. Supplemental state contribution -- appropriation
19-20-608. Member supplemental contribution -- actuarially determined adjustments -- effective dates
19-20-609. Employer's supplemental contribution -- actuarially determined adjustments
19-20-610. through 19-20-620 reserved
19-20-621. Montana university system retirement program supplemental contributions