HOUSE BILL NO. 6
INTRODUCED BY GOLIE
A BILL FOR AN ACT ENTITLED: "AN ACT PROVIDING FOR A FULL ANNUAL REPORT AND A SUMMARY REPORT FOR EACH PUBLIC RETIREMENT SYSTEM; PROVIDING FOR THE CONTENT OF THE REPORTS SUMMARY; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE AND AN APPLICABILITY DATE."
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
NEW SECTION. Section 1. Full annual report -- summary report ANNUAL SUMMARY. (1) The board shall publish a full annual report for each retirement system administered by the board. The full annual report must include:
(a) an accountant's report;
(b) financial information and information on payments to service providers;
(c) assets held for investment;
(d) fiduciary information;
(e) transactions in excess of 5% of system assets;
(f) information regarding any common or collective trusts or pooled separate accounts in which the system participates; and
(g) actuarial information regarding the funding of the plan.
(2)(1) The board shall also prepare a ONE-PAGE summary report on an annual basis for each retirement system administered by the board. THE SUMMARY MUST INCLUDE BUT IS NOT LIMITED TO THE INFORMATION DESCRIBED IN THIS SECTION. The summary report must contain the annual administrative expenses for the system and the amount of benefits paid to participants and beneficiaries. The summary report must state the number of persons who were participants or beneficiaries of the system at the end of the plan year, including persons who have not yet earned the right to receive benefits.
(3)(2) The summary report must also state the value of system assets after subtracting system liabilities and provide a comparison to that value in the prior year. The summary report must state the increase or decrease in system assets during the year and provide an explanation of unrealized appreciation or depreciation in the value of system assets. The summary report must state the total income of the system, including employer and employee contributions and earnings from investments, and must state the total losses from the sale of assets. The summary report must also contain an actuarial statement of whether enough money was contributed to the plan to keep it funded on an actuarially sound basis.
(4)(3) Each participant in the system or beneficiary of the system must be sent a copy of the summary report. THE BOARD SHALL SEND A COPY OF THE SUMMARY TO EACH MEMBER OR BENEFICIARY OF THE SYSTEM. On request, each participant in the system or beneficiary of the system is entitled to receive a copy of the ANY full annual report or any part of the full annual report.
NEW SECTION. Section 2. Annual report -- summary report. (1) The retirement board shall publish a full annual report for the retirement system. The full annual report must include:
(a) an accountant's report;
(b) financial information and information on payments to service providers;
(c) assets held for investment;
(d) fiduciary information;
(e) transactions in excess of 5% of system assets;
(f) information regarding any common or collective trusts or pooled separate accounts in which the system participates; and
(g) actuarial information regarding the funding of the plan.
(2)(1) The retirement board shall also prepare a ONE-PAGE summary report on an annual basis for the retirement system. THE SUMMARY MUST INCLUDE BUT IS NOT LIMITED TO THE INFORMATION DESCRIBED IN THIS SECTION. The summary report must contain the annual administrative expenses for the system and the amount of benefits paid to participants and beneficiaries. The summary report must state the number of persons who were participants or beneficiaries of the system at the end of the plan year, including persons who have not yet earned the right to receive benefits.
(3)(2) The summary report must also state the value of system assets after subtracting system liabilities and provide a comparison to that value in the prior year. The summary report must state the increase or decrease in system assets during the year and provide an explanation of unrealized appreciation or depreciation in the value of system assets. The summary report must state the total income of the system, including employer and employee contributions and earnings from investments, and must state the total losses from the sale of assets. The summary report must also contain an actuarial statement of whether enough money was contributed to the plan to keep it funded on an actuarially sound basis.
(4)(3) Each participant in the system or beneficiary of the system must be sent a copy of the summary report. THE BOARD SHALL SEND A COPY OF THE SUMMARY TO EACH MEMBER OR BENEFICIARY OF THE SYSTEM. On request, each participant in the system or beneficiary of the system is entitled to receive a copy of the ANY full annual report or any part of the full annual report.
NEW SECTION. Section 3. Codification instruction. (1) [Section 1] is intended to be codified as an integral part of Title 19, chapter 2, part 4, and the provisions of Title 19, chapter 2, part 4, apply to [section 1].
(2) [Section 2] is intended to be codified as an integral part of Title 19, chapter 20, part 2, and the provisions of Title 19, chapter 20, part 2, apply to [section 2].
NEW SECTION. Section 4. Effective date. [This act] is effective on passage and approval.
NEW SECTION. Section 5. Applicability. [This act] applies to calendar years commencing January 1, 2006.
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Latest Version of HB 6 (HB0006.02)
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