Montana Administrative Register Notice 2-43-445 No. 17   09/09/2010    
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In the matter of the amendment of ARM 2.43.5104 pertaining to the adoption by reference of the Declaration of Trust – State of Montana Public Employees Pooled Trust










TO:  All Concerned Persons


1.  On October 29, 2010, the Montana Public Employees' Retirement Board (PER Board) proposes to amend the above-stated rule.


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 23, 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 rule as proposed to be amended provides as follows, new matter underlined, deleted matter interlined:


2.43.5104  ADOPTION OF STATE OF MONTANA PUBLIC EMPLOYEES POOLED TRUST  (1)  The board adopts and incorporates by reference the Declaration of Trust – State of Montana Public Employees Pooled Trust that was approved by the board on September 10, 2009, and became effective on January 1, 2010 August 12, 2010.

            (2)  remains the same.


AUTH:  19-3-2104, 19-50-102, MCA

IMP:  19-3-2102, 19-50-102, MCA


REASON: The Internal Revenue Service requested that the Declaration of Trust – State of Montana Public Employees Pooled Trust (Pooled Trust) be amended to clarify that participation in the Pooled Trust is limited to employer and pension sharing trusts and eligible governmental plan trusts or custodial accounts under section 457(b) of the Internal Revenue Code.  The State of Montana's 457(b) Deferred Compensation Plan and 401(a) Defined Contribution Plan (401(a) is the section in the Internal Revenue Code) meet these qualifications.  Therefore, upon recommendation of tax counsel, Ice Miller, the PER Board amended the Pooled Trust to add Section 2.5 limiting participation in the Pooled Trust to qualified trusts.  Since, the Pooled Trust is adopted by reference, it is necessary to amend the rule to reference the most current Pooled Trust.


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., October 8, 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., October 8, 2010.


6.  If the PER 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 and                             President

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 30, 2010.



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