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| Montana Administrative Register Notice 2-43-647 | No. 8 04/26/2024 | |
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BEFORE THE PUBLIC EMPLOYEES' RETIREMENT BOARD OF THE STATE OF MONTANA
TO: All Concerned Persons
1. On July 6, 2024, the Public Employees' Retirement Board proposes to amend the above-stated rules.
2. The Public Employees' Retirement Board will make reasonable accommodations for persons with disabilities who wish to participate in this rulemaking process or need an alternative accessible format of this notice. If you require an accommodation, contact the Montana Public Employee Retirement Administration no later than 5:00 p.m. on May 17, 2024, to advise us of the nature of the accommodation that you need. Please contact Kris Vladic, Montana Public Employee Retirement Administration, P.O. Box 200131, Helena, Montana, 59620-0131; telephone (406) 444-2578; fax (406) 444-5428; TDD (406) 444-1421; or e-mail kvladic@mt.gov.
3. The rules as proposed to be amended provide as follows, new matter underlined, deleted matter interlined:
2.43.3502 ADOPTION OF INVESTMENT POLICY STATEMENT AND FIXED FUND INVESTMENT POLICY STATEMENT (1) The board adopts and incorporates by reference the State of Montana 401(a) Defined Contribution Plan Investment Policy Statement approved by the board on (2) and (3) remain the same.
AUTH: 19-3-2104, MCA IMP: 19-3-2104, 19-3-2122, MCA
2.43.5102 ADOPTION OF INVESTMENT POLICY STATEMENT AND FIXED FUND INVESTMENT POLICY STATEMENT (1) The board adopts and incorporates by reference the State of Montana 457 Plan (deferred compensation) Investment Policy Statement approved by the board on (2) and (3) remain the same.
AUTH: 19-50-102, MCA IMP: 19-50-102, MCA
REASONABLE NECESSITY: After a multi-year process of analyzing the investment structure and options offered in both the State of Montana 401(a) Defined Contribution Plan (DCRP) and 457(b) Deferred Compensation Plan (457 Plan), the Montana Public Employees' Retirement Board, in conjunction with the Employee Investment Advisory Council and third-party investment consultants, implemented significant changes to the investment alternatives for both plans. Those changes were implemented in January of 2024, and the amendments to the investment policy statements for each plan reflect the new investment categories available to participants in those plans.
Because the board adopts the DCRP and 457 Plan investment policy statements by reference, 2-4-307(4), MCA requires that subsequent changes to each document also be adopted by reference following the rulemaking procedure required by the Montana Administrative Procedure Act. It is therefore necessary to amend the rules that adopt each investment policy statement to indicate the version being adopted by reference.
The investment policy statements are available on the board's web page at mpera.mt.gov.
4. Concerned persons may submit their data, views, or arguments concerning the proposed action in writing to: Montana Public Employee Retirement Administration, P.O. Box 200131, Helena, Montana, 59620-0131; telephone (406) 444-3154; fax (406) 444-5428; or e-mail mpera@mt.gov, and must be received no later than 5:00 p.m., May 24, 2024.
5. If persons who are directly affected by the proposed actions wish to express their data, views, or arguments orally or in writing at a public hearing, they must make written request for a hearing and submit this request along with any written comments to Kris Vladic at the above address no later than 5:00 p.m., May 24, 2024.
6. If the agency receives requests for a public hearing on the proposed action from either 10 percent or 25, whichever is less, of the persons directly affected by the proposed action; from the appropriate administrative rule review committee of the Legislature; from a governmental subdivision or agency; or from an association having not less than 25 members who will be directly affected, a hearing will be held at a later date. Notice of the hearing will be published in the Montana Administrative Register. Ten percent of those directly affected has been determined to be 1,601 persons based on approximately 6,089 participants in the Defined Contribution Plan and 9,917 participants in the 457(b) Deferred Compensation Plan as of June 30, 2023, for a total of 16,006.
7. The Montana Public Employee Retirement Administration maintains a list of interested persons who wish to receive notices of rulemaking actions proposed by this agency. Persons who wish to have their name added to the list shall make a written request that includes the name, e-mail, and mailing address of the person to receive notices and specifies for which program the person wishes to receive notices. Notices will be sent by e-mail unless a mailing preference is noted in the request. Such written request may be mailed or delivered to the contact person in 5 above or may be made by completing a request form at any rules hearing held by the Montana Public Employee Retirement Administration.
8. An electronic copy of this proposal notice is available through the Secretary of State's web site at http://sosmt.gov/ARM/Register.
9. The bill sponsor contact requirements of 2-4-302, MCA, do not apply.
10. With regard to the requirements of 2-4-111, MCA, the Public Employees' Retirement Board has determined that the amendment of the above-referenced rules will not significantly and directly impact small businesses.
/s/ Nicholas Domitrovich /s/ Maggie Peterson Nicholas Domitrovich Maggie Peterson Chief Legal Counsel President and Rule Reviewer Public Employees' Retirement Board
Certified to the Secretary of State April 16, 2024.
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A directory of state agencies is available online at http://www.mt.gov/govt/agencylisting.asp.
For questions about the organization of the ARM or this web site, contact sosarm@mt.gov.
