Legislature Approves State Fund Management Fee

Lawmakers on Thursday sent Gov. Steve Bullock a measure that would impose a 3% management fee on Montana State Fund’s investment portfolio, ending a special session focused on closing a $227 million budget deficit. The Senate on Wednesday voted 29-19 to pass an amended Senate Bill 4, authorizing the state Board of Investments to charge the state-chartered carrier the fee for managing its investments over the next two years. As introduced, the bill by Sen. Ed Buttrey, R-Great Falls, would have required the investment board to transfer the $29.7 million it is projected to collect over th...