Montana Code 19-3-320. Supplemental state contribution — appropriation
19-3-320. Supplemental state contribution — appropriation. (1) (a) For the fiscal year beginning July 1, 2017, the state shall contribute $31.386 million and for the fiscal year beginning July 1, 2018, the state shall contribute $31.958 million from the general fund to the public employees’ retirement system pension trust as a supplemental contribution to the public employees’ retirement system.
Terms Used In Montana Code 19-3-320
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- retirement system: means the public employees' retirement system established in 19-3-103. See Montana Code 19-3-108
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(b)Starting in the fiscal year beginning July 1, 2019, the state shall contribute from the general fund to the public employees’ retirement system pension trust 101% of the contribution from the previous years as a supplemental contribution to the public employees’ retirement system.
(c)The 69th legislature shall review the performance of subsection (1)(b) and make recommendations for adjustments as needed.
(2)This contribution is statutorily appropriated, as provided in 17-7-502, from the general fund to the pension trust fund.