School Finance


FY2013-2014 Excess Retirement Fund Operating Reserves

Sunday, September 29, 2013, 11:16 am

House Bill 377 (HB 377), approved in the 2013 legislative session, contains a provision  requiring school districts to remit excess operating reserves to the Teachers’ Retirement System (TRS). Excess operating reserves is defined as the greater of: a) The amount earmarked as an operating reserve on the adopted retirement fund budget for fiscal year 2013 minus 20% of the adopted retirement fund budget for fiscal year 2013; or b) The retirement fund balance for fiscal year 2013 minus the allowable retirement fund operating reserve for fiscal year 2014.

The Office of Public Instruction (OPI) has posted a report, listing the amount payable to TRS by school district. To access this report, please click on the following link: FY2013-2014 Excess Retirement Fund Operating Reserves

The expenditure code for these payments to TRS is X14.1XX.1XXX.810.

TRS will be sending invoices to districts that must remit a payment. Payments should indicate that they are for HB 377 Reserve Payment and remitted to:

Teachers’ Retirement System
P.O. Box 200139
Helena MT 59620-0139

TRS Contact: Chad Goodman, (406) 444-3679 or chadgoodman@mt.gov.

For more information, contact Dennis Clague, (406) 444-1960