Montana § 19-20-607 - Supplemental State Contribution -- Appropriation

§ 19-20-607. Supplemental State Contribution -- Appropriation

Supplemental state contribution -- appropriation. (1) (a) Each month, the state shall contribute, as a supplemental contribution to the teachers' retirement system, from the general fund to the pension trust fund an amount equal to 2.38% of the total earned compensation of active members of the employers listed in 19-20-605 (3) participating in the system. (b) (i) Except as provided in subsection (1)(b)(ii), beginning July 1, 2013, and on each July 1 thereafter, the state shall contribute from the general fund to the pension trust fund $25 million as a supplemental contribution to the teachers' retirement system. (ii) If the legislative finance committee determines that the board has failed to provide a sufficient report pursuant to 19-20-216 , it shall recommend that $5 million be subtracted from the amount allocated in subsection (1)(b)(i) subject to legislative approval. (2) The contributions are statutorily appropriated, as provided in 17-7-502 , to the pension trust fund. The board shall determine and shall certify to the state treasurer 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 following receipt of the certification from the board.