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! ACTION NEEDED ! - HB 454 - Pension Bill Vote Today - Contact Senators Now


Posted Date: 
April 17, 2013
Contact: 
Sheryl Wood, Associate Director, Montana Association of Counties

Read the Bill:  HTML  |  PDF  |  Additional Information

HB 454, the LAST pension funding bill still in the process, will be heard and voted on in the Senate on April 17 at 1:00.  PLEASE CONTACT YOUR SENATOR NOW AND ASK THEM TO SUPPORT HB 454!

This bill will provide critical funding to bring the unfunded PERS system closer to actuarial soundness.

Some important points:

  1. Employer increases:  As proposed - the employers contribution will increase by 1.1% as of July 1, 2013, and then increase .1% per year up to 2024, for a total increase of 2% over 10 years.

    * Let your Senators know that counties support the increase to help be part of the solution; and

    * Let your Senators know that counties have agreed to absorb the increases in existing revenues, and it is NOT A COST SHIFT TO LOCAL TAXPAYERS.
     

  2. It is critical that the Legislature work towards achieving actuarial soundness now due to the GASB requirements in 2015. 

    * GASB will require employers (counties) to post their portion of the unfunded liability on their financial statements, which COULD HAVE A SIGNIFICANT NEGATIVE AFFECT ON FUTURE BOND RATINGS!

And lastly, if HB 454 passes through the Senate, it will be referred back to the House for concurrence.  This could happen as quickly as Saturday, April 20.

Please monitor your emails for a request to contact your Representative.

Thank you all for your support on this critical issue.

Sheryl Wood | (406) 449-4360 | swood@mtcounties.org