BEFORE THE PUBLIC EMPLOYEES' RETIREMENT BOARD

OF THE STATE OF MONTANA

 

In the matter of the amendment of ARM 2.43.3501 and 2.43.5101 pertaining to the adoption by reference of the State of Montana Public Employee Defined Contribution Plan Document and the State of Montana Public Employee Deferred Compensation (457) Plan Document

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NOTICE OF AMENDMENT

 

TO: All Concerned Persons

 

1. On August 27, 2015, the Public Employees' Retirement Board published MAR Notice No. 2-43-530 pertaining to the proposed amendment of the above-stated rules at page 1223 of the 2015 Montana Administrative Register, Issue Number 16.

 

2. The Public Employees' Retirement Board has amended the following rules as proposed, but with the following changes from the original proposal, new matter underlined, deleted matter interlined:

 

          2.43.3501 ADOPTION OF DEFINED CONTRIBUTION PLAN DOCUMENT AND TRUST AGREEMENT (1) remains as proposed.

(a) State of Montana Public Employee Defined Contribution Plan Document (August 2015 edition) that was approved by the board on August 13, 2015, and describes the terms and conditions related to the operation and administration of the plan; and

          (b)  State of Montana Public Employee Defined Contribution Plan Trust Agreement (July 1, 2002, edition), that was approved by the board on April 26, 2001, and September 28, 2001, and approved by the Internal Revenue Service on September 24, 2001. The trust agreement sets the board's responsibilities as trustee of the defined contribution plan and requires that the assets of the trust be used for the exclusive benefit of the plan participants and beneficiaries.

(2) remains as proposed.

 

2.43.5101 ADOPTION OF DEFERRED COMPENSATION PLAN DOCUMENT AND TRUST AGREEMENT (1) remains as proposed.

(a) State of Montana Public Employee Deferred Compensation Plan Document (August 2015 edition), that was approved by the board on August 13, 2015, and describes the terms and conditions related to the operation and administration of the plan; and

(b)  State of Montana Public Employee Deferred Compensation Plan Trust Agreement (January 1, 2002 edition), that was approved by the board on February 22, 2001, and September 28, 2001. The trust agreement sets the board's responsibilities as trustee of the deferred compensation plan and requires that the assets of the trust be used for the exclusive benefit of the plan participants and beneficiaries.

(2) remains as proposed.

 

3. The Public Employees' Retirement Board has thoroughly considered the comments received. A summary of the comments received and the board's responses are as follows:

 

COMMENT 1: An employee of the Legislative Services Division noted that the rules proposed for amendment did not contain either a "statement of the general subject matter of the omitted rule" as required by 2-4-307, MCA, or a "description of the policy implemented" as required by 2-4-305, MCA. The commenter further asked if the board would amend the adoption notice to include those statements.

 

RESPONSE 1: The board agrees and has amended both rules to include statements that simultaneously provide a statement of the general subject matter and a description of the policy implemented. The board took the same action with respect to the trust agreements previously adopted by reference.

 

 

/s/ Melanie A. Symons                          /s/ Sheena Wilson                     

Melanie A. Symons                               Sheena Wilson

Chief Legal Counsel                             President

and Rule Reviewer                                Public Employees' Retirement Board

         

Certified to the Secretary of State October 19, 2015