Montana Single Audit Report, Financial-Compliance Audit for the Two Fiscal Years Ended .. 2004

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The MUS is not liable for asset management or for providing benefits after the required contributions have been made to TIAA-CREF. As of June 30, 2002, 2,130 employees were members of the ORP. Required employee contributions were 7.044% of salary; required employer contributions were 4.956% of salary ,for a total of 12% of salary contributed to the ORP.
PageB-52 TIAA-CREF (in thousands) Covered Payroll $ 98,750 Total Payroll 216,045 Employer Contributions $ 4,894 Percent of Covered Payroll 4.95
...6% Employee Contributions $ 6,960 Percent of Covered Payroll 7.048% DORP - Public Employees Retirement System - This plan is a multiple-employer, cost-sharing plan created by the 1999 Legislature and is governed by Title 19, chapters 2 & 3 of the MCA. The PERS-DCRP w/ill be available to all active PERS members effective July 1 , 2002. The plan will begin receiving contributions or revenues after the July 1 , 2002, implementation date.
Eligible PERS members who are active on July 1, 2002, will have a 12-month window during which they may choose to join the PERS-DCRP or remain in the current PERS-DBRP.


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