State Employee Pension Plans Improving, PERS Board Says
Montana lawmakers got a financial checkup on state pensions Tuesday. After the pension system was reformed in 2013, officials with Montana Public Employees’ Retirement Board say most pension plans are improving.
During the final meeting of the Legislative Finance Committee this year, officials overseeing pension plans for the state, local governments, and school workers said the plans are on their way to being fully funded.
Finance Committee Chairman Jon Sesso, a Democrat from Butte, says work in the 2013 legislative session helped get the plans back on track.
"It was good to see that the futures of that legislation has resulted in resulted those major systems, the PERS and TRS, getting much more healthy," Sesso said.
The 2013 legislature approved additional state money for pensions and increased employers' and employees' contributions to the funds.
Officials with the Montana Public Employee Retirement Administration said funding for all pensions systems are increasing except those for sheriffs and game wardens.
While funding for those pensions has not increased, officials say those funds are stable.