BEFORE THE PUBLIC EMPLOYEES' RETIREMENT BOARD
OF THE STATE OF MONTANA
In the matter of the amendment of ARM 2.43.3501 pertaining to the adoption by reference of the State of Montana Public Employee Defined Contribution Plan Document
NOTICE OF PROPOSED AMENDMENT
NO PUBLIC HEARING CONTEMPLATED
TO: All Concerned Persons
1. On June 27, 2016, the Public Employees' Retirement Board proposes to amend the above-stated rule.
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 Public Employee Retirement Administration no later than 5:00 p.m. on May 27, 2016, to advise us of the nature of the accommodation that you need. Please contact Kris Vladic, Public Employee Retirement Administration, P.O. Box 200131, Helena, Montana, 59620-0131; telephone (406) 444-2578; fax (406) 444-5428; TDD/Montana Relay Service (406) 444-1421; or e-mail firstname.lastname@example.org.
3. The rule as proposed to be amended provides as follows, new matter underlined, deleted matter interlined:
2.43.3501 ADOPTION OF DEFINED CONTRIBUTION PLAN DOCUMENT AND TRUST AGREEMENT (1) remains the same.
(a) State of Montana Public Employee Defined Contribution Plan Document
(August 2015 edition) (December 2015 edition) that was approved by the board on August 13, 2015, December 22, 2015 and subsequently amended April 14, 2016 retroactive to December 22, 2015 and describes the terms and conditions related to the operation and administration of the plan; and
(b) through (2) remain the same.
AUTH: 19-3-2104, MCA
IMP: 19-3-2102, MCA
REASON: The Public Employees' Retirement Board, as administrator of the Public Employees' Retirement System Defined Contribution Plan (DCRP), determined to revise the Defined Contribution Plan Document to incorporate recent Montana legislative changes and Internal Revenue Code revisions related to the payment of accounts to beneficiaries. The changes ensure that the DCRP remains a qualified retirement plan under IRS. The revised plan document was reviewed and approved by the board at its December 22, 2015 meeting. Subsequent recommended revisions were approved by the board at its April 14, 2016 meeting by the adoption of Amendment One to the State of Montana Public Employee Defined Contribution Plan retroactive to December 22, 2015.
Because the Public Employees' Retirement Board determined to adopt the original plan document by reference, 2-4-307(4), MCA requires that changes to the document also be adopted by reference. Therefore it is necessary to amend the rule that adopts the plan document to indicate the version of the plan document being adopted by reference.
The plan documents 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: Public Employee Retirement Administration, P.O. Box 200131, Helena, Montana, 59620-0131; telephone (406) 444-3154; fax (406) 444-5428; or e-mail email@example.com, and must be received no later than 5:00 p.m., June 3, 2016.
5. If persons who are directly affected by the proposed action 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., June 3, 2016.
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 228 persons based on 2,284 Public Employees' Retirement System Defined Contribution Retirement Plan participants.
7. The Public Employees' Retirement 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 Public Employees' Retirement 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 in the event of a discrepancy 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.
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 rule will not significantly and directly impact small businesses.
/s/ Melanie A. Symons /s/ Sheena Wilson
Melanie A. Symons Sheena Wilson
Chief Legal Counsel President
Rule Reviewer Public Employees' Retirement Board
Certified to the Secretary of State April 25, 2016