Panel endorses teachers’ retirement fund fix
By The Associated Press - 03/27/07
HELENA — A House committee Monday endorsed a proposal to funnel $100 million into the state’s ailing pension fund for teachers.
The bill, sponsored by Rep. John Musgrove, D-Havre, also increases government contributions to the Teachers’ Retirement System, the largest of the state’s public pensions.
It faces a shortfall of about $400 million.
The House State Administration Committee endorsed the bill, 16-2, sending it to the House floor for further debate.
Rep. Bill Jones, R-Bigfork, and House Speaker Scott Sales, R-Bozeman, voted against the proposal.
“Things are not fitting together in my mind on this bill,” Jones said. Last week, the full House approved a Schweitzer administration proposal to shore up three other state pension funds.
That bill, now headed to the Senate, increases employer contributions to the funds covering 64,000 state and local government workers, and reduces retirement benefits for new employees.
The bill is House Bill 63.
The bill, sponsored by Rep. John Musgrove, D-Havre, also increases government contributions to the Teachers’ Retirement System, the largest of the state’s public pensions.
It faces a shortfall of about $400 million.
The House State Administration Committee endorsed the bill, 16-2, sending it to the House floor for further debate.
Rep. Bill Jones, R-Bigfork, and House Speaker Scott Sales, R-Bozeman, voted against the proposal.
“Things are not fitting together in my mind on this bill,” Jones said. Last week, the full House approved a Schweitzer administration proposal to shore up three other state pension funds.
That bill, now headed to the Senate, increases employer contributions to the funds covering 64,000 state and local government workers, and reduces retirement benefits for new employees.
The bill is House Bill 63.
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