Governor Schweitzer Issues Plan to Solve Montana’s Pension Liability
At a press conference today, Governor Schweitzer presented his plan to solve Montana’s pension liability without increasing taxes. The plan would address both the Public Employee Retirement System and the Teacher Retirement System and would use the following tactics to tackle the pension deficit:
For the Teacher Retirement System
· $25 million from state land guarantee account from natural resource development;
· $14.7 million one-time-only contribution from employer;
· 1% increased employee contribution and benefit changes.
For the Public Employee Retirement System:
· $18.1 million state contribution and additional local government contribution;
· 1% increased employer contribution;
· 1% increased employee contribution.