Victory for higher ed retirement

One of MEA-MFT’s top priorities this legislative session was to improve retirement for our higher education members.

Mission accomplished.

Our bill, House Bill 95, passed the legislature and was signed by Governor Schweitzer May 1.

House Bill 95 increases the Montana University System’s Optional Retirement Plan (ORP) employer contribution by 1 percent. This is the first time the state has increased ORP funding.

“The increase is long overdue,” said MEA-MFT Public Policy Director Erik Burke. “Currently, Montana’s ORP plan has the lowest ongoing employer contribution rate of any plan in the country. Increasing it is a huge victory.”

“The increase is doubly important because there is nothing ‘optional’ about the Optional Retirement Plan,” said MEA-MFT President Eric Feaver.

“University faculty hired since 1993 have been required to enroll in the ORP. At least now it is more beneficial for our members.” n