ARM 2.43.3502. ADOPTION OF INVESTMENT POLICY STATEMENT AND FIXED FUND INVESTMENT POLICY STATEMENT

(1) The board adopts and incorporates by reference the State of Montana Investment Policy Statement 401(a) Defined Contribution Retirement Plan (DCRP Investment Policy Statement) approved by the board on June 11, 2026. The DCRP Investment Policy Statement provides investment guidelines for the DCRP, a long-term retirement-savings vehicle that permits participants to invest employer and participant contributions on a tax-deferred basis. The investment guidelines help the board to meet its fiduciary responsibilities to evaluate and positively influence the direction of the plan and its investments for the benefit of the plan participants and beneficiaries. (2) The board adopts and incorporates by reference the Montana Fixed Fund Investment Policy Statement approved by the board on February 10, 2022. These guidelines apply to the investment of DCRP participant assets and 457(b) deferred compensation plan participant assets that are pooled together in the plans' stable value group trust. The investment policy statement was developed through mutual agreement amongst the board, the investment manager, and the insurance wrap providers and provides guidance to the investment manager when investing participants' funds contained within the stable value group trust. (3) Copies of the DCRP Investment Policy Statement and the Montana Fixed Fund Investment Policy Statement may be obtained from MPERA, 100 North Park Avenue, Suite 200, P.O. Box 200131, Helena, MT 59620-0131, phone 1 (877) 275-7372, e-mail mpera@mt.gov. The documents are also available online at www.mpera.mt.gov.