Signed by Governor Butch Otter

Vote Smart's Synopsis:

Vote to pass a bill that amends the judicial retirement fund, effective upon notice from the Internal Revenue Service (IRS) that the judges' retirement plan is a "qualified plan."

Highlights:

• Repeals annual retirement compensation based upon a percentage of the current annual compensation of the highest office the judge has served in for individuals who assumed office on or after July 1, 2012 (Sec. 1).

• Authorizes judges who assumed office before July 1, 2012 to keep the annual retirement compensation based on a percentage of the annual compensation of the highest office in which the judge served (Sec. 1).

• Specifies that a judge or any individual receiving retirement benefits as of July 1, 2012, will continue to receive the same annual retirement compensation after July 1, 2012 (Sec. 1).

• Establishes a new retirement compensation for judges who assumed office on or after July 1, 2012, that will be calculated as follows (Sec. 1):
• 5 percent multiplied by the number of years served as a judge for the first ten years of service, plus 2.5 percent multiplied by the remaining number of years served; and
• The total percentage over the years must not exceed 75 percent.

• Requires judges who assumed office on or after July 1, 2012, to serve as a senior judge without compensation other than annual health benefits for 60 days per year for 5 years after his or her retirement (Sec. 1).

• Authorizes judges who assumed office before July 1, 2012, to choose to retire under the new retirement compensation specifications established for judges who assumed office after July 1, 2012, only if the judge agrees to serve as a senior judge without compensation other than annual health benefits for 35 days per year for 5 years after his or her retirement (Sec. 1).

• Reduces the percentage of retirement compensation that is payable to the spouse of a deceased, retired judge who assumed office on or after July 1, 2012, from 50 percent to 30 percent (Sec. 10).

• Increases deductions from a judge's salary that must go to the retirement fund as follows (Sec. 6):
• 7.69 percent from July 1, 2012 until June 30, 2013; and
• 9 percent starting July 1, 2013.

• Increases monthly employer contributions to the retirement fund as follows (Sec. 6):
• An amount equal to 8.97 percent of a judge's salary from the previous month, from July 1, 2012 until July 1, 2013; and
• An amount equal to 10.5 percent of a judge's salary from the previous month, starting July 1, 2013.

• Requires a judge's contributions to be 18.5 percent of the employer's contribution (Sec. 8).

• Increases all filing fees from $18 to $26 (Sec. 5).

Full Bill Text