Judicial retirement.

WORKING DRAFT
2007
STATE OF
WYOMING
07LSO-0002

SENATE FILE
NO.
SF0011

Judicial retirement.

Sponsored by:
Joint Judiciary Interim Committee

A BILL

for

AN ACT relating to judges; amending benefit and eligibility calculations for early judicial retirement; amending employer and employee contributions as specified; repealing conflicting provisions; providing an appropriation; and providing for an effective date.

Be It Enacted by the Legislature of the State of
Wyoming
:

Section 1.
W.S. 9
‑
3
‑
704(c), 9
‑
3
‑
705
and
9
‑
3
‑
706(a)(i) and (v) are amended to read:

9
‑
3
‑
704.

Employee contributions.

(c)

The contributions under subsection (b) of this section shall be paid from the source of funds which is used in paying salary to the employee. The employer shall pay these contributions without offset of the employee's salary in the same salary percentage as provided by employers under W.S. 9
‑
3
‑
412(a).

The employer shall also reduce the cash salary of the employee by three and sixty-five hundredths percent (3.65%).

9
‑
3
‑
705.

Employer contributions.

Each employer subject to this act shall pay into the account a contribution equal to
eight and seventy-eight hundredths percent (8.78%)
fifteen and eight hundredths percent (15.08%)

of the salary paid to each employee covered by this act. These contributions, together with the employees' contributions shall be transferred and credited to the retirement program in a manner the board directs.

9
‑
3
‑
706.

Age of retirement.

(a)

An employee is eligible for retirement under this act when he has served as a judge of the supreme court, a district court, a circuit court or service in any combination of those positions after July 1, 1998, if:

(i)

He is at least sixty (60) years of age and has at least
twenty (20)
four (4)
years of credited service;

(v)

He has not less than four (4) years of service to his credit and is at least
sixty (60)
fifty (50)
years of age, but any benefit received by an employee under this paragraph shall be
on an actuarially
reduced
basis as determined by the board
by an early retirement discount factor of five percent (5%) for every year of retirement taken before age sixty (60)
.

Section 2.
W.S. 9
‑
3
‑
706(a)(ii) and (iii) and 9
‑
3
‑
707(a)(iii) are repealed.

Section 3.
There is appropriated from the general fund to the
Wyoming
supreme court for the fiscal year beginning July 1, 2007,
nine hundred twenty-three thousand dollars ($923,000
.
00)
for
purposes of this act.

Section 4.
This act is effective July 1, 2007.

(END)

1
SF0011