BEFORE THE PUBLIC EMPLOYEES' RETIREMENT BOARD

OF THE STATE OF MONTANA

 

In the matter of the adoption of New Rule I adopting by reference the amended state of Montana public employees pooled trust in the Defined Contribution Retirement Plan, the amendment of ARM 2.43.3502 and ARM 2.43.5102 adopting by reference the amended stable value fund investment policy statement in the Defined Contribution Retirement Plan and the 457(b) Deferred Compensation plan respectively, and the amendment of ARM 2.43.5104 adopting by reference the amended state of Montana public employees pooled trust in the 457(b) Deferred Compensation plan

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NOTICE OF ADOPTION AND AMENDMENT

 

TO: All Concerned Persons

 

1. On January 11, 2019, the Public Employees' Retirement Board published MAR Notice No. 2-43-578 pertaining to the proposed adoption and amendment of the above-stated rules at page 1 of the 2019 Montana Administrative Register, Issue Number 1.

 

2. The Public Employees' Retirement Board has amended the following rules as proposed: ARM 2.43.3502 and 2.43.5102.

 

3. The Public Employees' Retirement Board has adopted the following rule as proposed, but with the following changes from the original proposal, new matter underlined:

 

NEW RULE I  (2.43.3506) ADOPTION OF STATE OF MONTANA PUBLIC EMPLOYEES POOLED TRUST (1) The board adopts and incorporates by reference the amended Declaration of Trust – State of Montana Public Employees Pooled Trust that was approved by the board on December 13, 2018, and became effective on January 31, 2019. The Declaration of Trust created a pooled trust effective January 1, 2010, under which stable value assets in the 401(a) defined contribution plan and the 457(b) deferred compensation plan were commingled and jointly invested, but separately maintained and recorded.

(2) remains as proposed.

 

AUTH: 19-3-2104, MCA

IMP:     19-3-2102, MCA

 

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

 

2.43.5104 ADOPTION OF STATE OF MONTANA PUBLIC EMPLOYEES POOLED TRUST (1) The board adopts and incorporates by reference the amended Declaration of Trust – State of Montana Public Employees Pooled Trust that was approved by the board on December 13, 2018, and became effective on January 31, 2019.  The Declaration of Trust created a pooled trust effective January 1, 2010, under which stable value assets in the 401(a) defined contribution plan and the 457(b) deferred compensation plan were commingled and jointly invested, but separately maintained and recorded.  

(2) remains as proposed.

 

AUTH: 19-3-2104, 19-50-102, MCA

IMP:    19-3-2102, 19-50-102, MCA

 

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

 

COMMENT 1: A comment was received from legislative staff assigned to the administrative rule review committee responsible for reviewing the board's rules. The commenter noted that NEW RULE I and ARM 2.43.5104 do not contain a statement of the general subject matter of the referenced document as required by 2-4-307(2), MCA.

 

RESPONSE 1:  The board agrees and has amended NEW RULE I and ARM 2.43.5104 accordingly.

 

 

 

/s/ Melanie Symons                                    /s/ Marty Tuttle                                

Melanie Symons                                         Marty Tuttle

Chief Legal Counsel and                            President

Rule Reviewer                                            Public Employees' Retirement Board

           

Certified to the Secretary of State March 5, 2019.