Montana Administrative Register Notice 2-43-509 No. 12   06/26/2014    
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In the matter of the amendment of ARM 2.43.3502 pertaining to the investment policy statement for the Defined Contribution Retirement Plan









TO: All Concerned Persons


1. On August 22, 2014, 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 the Public Employee Retirement Administration no later than 5:00 p.m. on July 18, 2014, 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 rule as proposed to be amended provides 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 May 9, 2013 May 8, 2014.

(2) and (3) remain the same.


AUTH: 19-3-2104, MCA

IMP:     19-3-2104, 19-3-2122, MCA


STATEMENT OF REASONABLE NECESSITY: The Public Employees' Retirement Board, as administrator of the Defined Contribution Retirement Plan (DCRP) of the Public Employees' Retirement System adopted the DCRP's original investment policy statement for the plan in 2002.  The investment policy statement is reviewed on a yearly basis and amended to reflect best practices in defined contribution plan investments. Upon recommendation of the Employees' Investment Advisory Council, the board determined on May 8, 2014, to add a socially responsible fund option to the DCRP Investment Policy Statement. 


Because the Public Employees' Retirement Board determined to adopt the original investment policy statement by reference, 2-4-307(3), MCA, requires that changes to the statement also be adopted by reference. Therefore, it is necessary to amend the administrative rules that adopt the statement by reference.


The investment policy statement is 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 mpera@mt.gov, and must be received no later than 5:00 p.m., July 25, 2014.


5. If persons who are directly affected by the proposed amendment 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 Kris Vladic at the above address no later than 5:00 p.m., July 25, 2014.


6. If the Public Employees' Retirement 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 283 persons based on approximately 2,832 participants in the Defined Contribution Retirement Plan.


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 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.


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/ Scott Moore                                

Melanie A. Symons                                    Scott Moore

Chief Legal Counsel                                   President

and Rule Reviewer                                     Public Employees' Retirement Board


Certified to the Secretary of State June 16, 2014



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