Actuaries confirm pension fix boosts TRS system

Published On: Sep 27 2013 02:53:08 PM PDT
HELENA, Mont. -

A new report is confirming that the state's fix for the pension system will bring the Teachers' Retirement System into compliance.

The Legislative Finance Committee was told Friday that an actuarial report found the system balances in 20 years.

Prior to a fix passed by lawmakers earlier this year the system would have eventually run out of money in the coming decades.

The legislation asks both employers and employees to pay more, while reducing retiree benefits.

The lawmakers were told that even if retirees win an expected lawsuit over their portion, the system would still balance in 29 years.

A report last month found that the system for most other public employees is also projected to balance in less than 20 years under the new law.