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| Montana Administrative Register Notice 2-43-444 | No. 16 08/26/2010 | |
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BEFORE THE PUBLIC EMPLOYEES' RETIREMENT BOARD OF THE STATE OF MONTANA
TO: All Concerned Persons
1. On October 15, 2010, the Public Employees' Retirement Board (PER Board) proposes to amend the above-stated rules.
2. The PER 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 PER Board no later than 5:00 p.m. on September 10, 2010, to advise us of the nature of the accommodation that you need. Please contact Dena Helman, Montana Public Employee Retirement Administration, 100 North Park Avenue, Suite 200, P.O. Box 200131, Helena, Montana 59620-0131; telephone (406) 444-2578; TDD (406) 444-1421; fax (406) 444-5428; or e-mail dhelman@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 STABLE VALUE FUND INVESTMENT GUIDELINES (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 STABLE VALUE FUND INVESTMENT GUIDELINES (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
REASON: The PER Board, as administrator of the Defined Contribution Retirement Plan (DCRP) of the Public Employees' Retirement System and the State of Montana Deferred Compensation Plan (457 Plan), adopted the original investment policy statement for each plan by reference in 2002.
Upon recommendation of the Employee Investment Advisory Council, the PER Board determined on July 8, 2010, to amend the two investment policy statements (IPS) to permit the Board's investment consultant to search for available replacement funds prior to recommending closure of an existing investment fund. Previously, the PER Board had to approve the closure of an existing fund prior to the investment consultant searching for a replacement. That process may result in the closure of a fund for which an IPS-compliant replacement fund did not exist. It also resulted in participants remaining invested in non-IPS compliant funds longer than necessary.
Because the PER Board determined to adopt the original investment policy statements by reference, 2-4-307(3), MCA, requires that changes to those statements also be adopted by reference. Therefore, it is necessary to amend the rules that adopt the statements by reference.
4. Concerned persons may present their data, views, or arguments concerning the proposed amendments in writing to Roxanne M. Minnehan, Executive Director, Montana Public Employee Retirement Administration, 100 North Park Avenue, Suite 200, P.O. Box 200131, Helena, Montana 59620-0131; telephone (406) 444-5459; fax (406) 444-5428; or e-mail rminnehan@mt.gov and must be received no later than 5:00 p.m., September 23, 2010.
5. If persons who are directly affected by the proposed amendments 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 they have to Dena Helman at the above address no later than 5:00 p.m., September 23, 2010.
6. If the board receives requests for a public hearing on the proposed amendment from either 10 percent or 25, whichever is less, of the persons directly affected by the proposed amendment; 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 1043 persons based on approximately 2367 participants in the Defined Contribution Retirement Plan and 8070 participants in the Deferred Compensation Plan as of December 2009, for a total 10,437 participants.
7. The PER Board 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 PER Board.
8. An electronic copy of this proposal notice is available through the Secretary of State's web site at http://sos.mt.gov/ARM/Register. The Secretary of State strives to make the electronic copy of this notice conform to the official version of the notice, as printed in the Montana Administrative Register, but advises all concerned persons that if a discrepancy exists between the official printed text of the notice and the electronic version of the notice, only the official printed text will be considered. In addition, although the Secretary of State works to keep its web site accessible at all times, concerned persons should be aware that the web site may be unavailable during some periods, due to system maintenance or technical problems.
9. The bill sponsor contact requirements of 2-4-302, MCA, do not apply.
/s/ Melanie A. Symons /s/ John Nielsen Melanie A. Symons John Nielsen Chief Legal Counsel President and Rule Reviewer Public Employees' Retirement Board
/s/ Michael P. Manion Michael P. Manion, Chief Legal Counsel and Rule Reviewer Department of Administration
Certified to the Secretary of State August 16, 2010.
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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.
