Annual Report of the Public Employees' Retirement System, the Social Security Division, Montana Judges' Retirement System, Montana Game Wardens' Retirement System, Volunteer Fireman Pension to the Governor .. 1970
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As stated under this section of the law, "Contributions made to the retirement system under this section shall be applied by the board of administration to meet the states obligations under the system in such order and amount as said board shall determine; provided, however, that said contributions shall be first applied to the liability accruing because of state service rendered during such year and on account of pensions provided for in section 68-901, such amounts to be determined by actuari...al valuation as computed by the actuary of the said board." A full actuarial study of the System has not been completed for the year ended June 30, 1970 as of this writing. As of June 30, 1968, when the last prior study was completed by consulting actuaries, it was determined that the reserve requirements for full funding on an actuarial basis would require eventual additional contributions from employers in the amount of $48,990,284. This amount is termed as the "unfunded liability", by the actuaries as of June 30, 1968.
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