Pension Reform

State Legislators of the Month, March 2023: Montana Sen. Tom McGillvray and Montana Rep. Terry Moore

Montana Senator Tom McGillvray

For March, it is our pleasure to award Montana Representative Terry Moore and Montana Senator Tom McGillvray as our State Legislators of the Month. Their exceptional work on keeping politics out of pensions has made Montana the gold standard for fiduciary rules.

The State Legislator of the Month award highlights substantive state policy success and acknowledges those who care about the principles at ALEC’s core – limited government, federalism, and individual liberty.

Representative Moore and Senator McGillvray were the sponsors of House Bill 228 in their respective legislative chambers. HB 228 follows very closely the ALEC State Government Employee Retirement Protection Act, one of many policy solutions found in the ALEC Essential Policy Solutions for 2023. It protects public pension plans by requiring fiduciaries to only take into account pecuniary factors when deciding where to invest state pension plan funds and when voting shares held by the state. With Governor Greg Gianforte’s signature, this bill sets the gold standard for fiduciary rules to keep politics out of pensions.

Montana Representative Terry Moore

As Senate President Pro Tempore Kenneth Bogner, ALEC Montana State Co-Chair, put it:

When it comes to public dollars being used for investments, political factors should not play a role in the decision process. Montana House Bill 228 ensures that appropriate factors such as financial risks and returns are the only considerations when investing public dollars. Representative Terry Moore and Senator Tom McGillvray have done tremendous work in leading the way on this important issue.

Representative Moore, who is a House Majority Whip, represents Montana’s 54th House District in east Billings and worked in accounting and finance. Senator McGillvray, who is a Senate Majority Whip, represents Montana’s 23rd Senate District and spent 27 years as a financial advisor.

On behalf of ALEC, we are honored­­ to work with Representative Terry Moore and Senator Tom McGillvray and applaud them for their commitment to public service and their unwavering desire to keep politics out of pensions.

Congratulations Representative Terry Moore and Senator Tom McGillvray on being State Legislator of the Month for March!

In Depth: Pension Reform

Modern, 401(k)-style plans are now commonplace in the private sector. For state workers, however, traditional pensions are still the norm. As former Utah State Senator Dan Liljenquist wrote in Keeping the Promise: State Solutions for Government Pension Reform, this is not a partisan issue, but a math problem. State Budget…

+ Pension Reform In Depth