BEFORE THE PUBLIC EMPLOYEES' RETIREMENT BOARD

OF THE STATE OF MONTANA

 

In the matter of the amendment of ARM 2.43.3502 pertaining to the investment policy statement for the Defined Contribution Retirement Plan and ARM 2.43.5102 pertaining to the investment policy statement for the 457 Deferred Compensation Plan

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NOTICE OF AMENDMENT

 

           TO: All Concerned Persons

 

1. On July 11, 2013, the Public Employees' Retirement Board published MAR Notice No. 2-43-487 pertaining to the proposed amendment of the above-stated rules at page 1165 of the 2013 Montana Administrative Register, Issue Number 13.

 

2. The Public Employees' Retirement Board has amended the above-stated rules as proposed.

 

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

 

COMMENT 1: A representative of the Legislative Services Division commented that the rule notice should better explain the subject matter of the material being adopted by reference and provide information on where to find the referenced material. She indicated that provision of that information in the notice of amendment would satisfy her concerns. 

 

RESPONSE 1: The Public Employees Retirement Board is responsible for providing at least eight investment alternatives within the defined contribution retirement plan (19-3-2122, MCA) and multiple investment alternatives within the state of Montana's 457(b) deferred compensation plan (19-50-102, MCA). The board, in coordination with its investment consultant, Wilshire Associates, and its advisory council, the Employee Investment Advisory Council, has developed investment policy statements to guide its selection of investments for both plans. The investment policy statements are reviewed on a yearly basis and amended to reflect best practices in defined contribution plan investments. The investment policy statements are adopted by reference and are available on the board's web page at mpera.mt.gov.

 

COMMENT 2: A representative of the Legislative Services Division commented that the rule notice proposing these rules should have contained a statement regarding the effect the rules could have on small businesses. SB 139 requires that in certain circumstances state agencies conduct a small business impact analysis prior to the adoption.

 

RESPONSE 2: The Public Employees' Retirement Board determined that the proposed rules did not directly impact small business. Therefore the board is adding the following statement with regard to the requirements of Chapter 318, Section 1, Laws of 2013: the Public Employees' Retirement Board has determined that the amendment of the above-referenced rules will not significantly and directly impact small businesses.

 

 

/s/ Melanie A. Symons                               /s/ Scott E. Moore                           

Melanie A. Symons                                    Scott E. Moore

Chief Legal Counsel                                  President

and Rule Reviewer                                    Public Employees' Retirement Board

 

           

Certified to the Secretary of State October 7, 2013.