SF0068 Judicial retirement. | Wyoming Bill

Official Summary Text

2008 General Session Summary for SF0068

Bill No.:
SF0068
Drafter:

DKG

LSO No.:
08LSO-0321
Effective Date:

7/1/2008

Enrolled Act No.:
SEA0010

Chapter No.:

Prime Sponsor:
Senator
Nicholas

Catch Title:
Judicial
retirement.

Subject:
Judicial
retirement contributions and benefits.

Summary/Major Elements:

This bill changes the
required employer contribution for judicial retirement from 8.78% to 14.5%.

For the 9.22% "employee
contribution," (previously
required
to be paid by the employer) the
bill
authorizes
the employer to pay up to the amount paid by the state
for state employees. The Supreme Court is required to request in its budget the
amount authorized as an employer paid "employee contribution."

The bill also amends
retirement eligibility criteria for judges by reducing various combinations of
age and length of service requirements and by specifying the amount of
reduction for "early retirement" (set at 5% for each year of
retirement prior to age 65 for those with less than the minimum combination of
age and length of service for "full retirement).

The bill contains a general
fund appropriation of $761,900 for the additional liability of the judicial
retirement system under the act. It also contains a general fund appropriation
of $410,846 for additional required or authorized under the bill.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL SENATE

FILE

NO.
0068

ENROLLED ACT NO. 10, SENATE

FIFTY-NINTH LEGISLATURE OF THE STATE OF
WYOMING
2008 BUDGET SESSION

AN ACT relating to
judicial
retirement; modifying
certain

retirement age
s,
required years of service
and benefits
; increasing total employer and employee contribution; providing for additional employer contribution and for potential payment by employee of contribution currently paid by employer on behalf of the employee;
making conforming and clarifying amendments; providing appropriations;
and providing for an effective date.

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

Section 1.

W.S. 9
‑
3
‑
704, 9
‑
3
‑
705, 9
‑
3
‑
706(a)(ii)
, (iii)
and (v) and 9
‑
3
‑
711 are amended to read:

9
‑
3
‑
704.

Employee contributions.

(a)

Except as otherwise provided in this section, every employee covered by this article shall pay into the account nine and twenty-two one-hundredths percent (9.22%) of his salary.
To the extent this contribution is not paid by the employer as authorized in this section, t
his payment shall be deducted each pay period from employees' salaries by the respective fiscal officers of the employers.

(b)

The
contributions

entire
contribution

required
by subsection (a) of this section shall be paid by the employer for employees covered under this article in order to be treated as employer contributions for the sole purpose of determining tax treatment under the United States Internal Revenue Code.

(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

may

pay
these contributions without offset of the employee's salary in the same salary percentage as provided
by
state

employers

under W.S.
9
‑
3
‑
412(a)

9
‑
3
‑
412(c)
. 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%)

fourteen and five
-
tenths percent (14.5%)
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:

(ii)

He is at least sixty-five (65) years of age and has at least
fifteen (15)

four (4)
years of credited service;

(iii)

He
has less than
fifteen (15)
four (4)

years of credited service but has served continuously from the date of appointment to the age of seventy (70) years;

(v)

He has not less than four (4) years of service to his credit and is at least
sixty (60)

fifty-five (55)
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 five percent (5%) for each year of retirement prior to age sixty-five (65)
.

9
‑
3
‑
711.

Payment of employers' contribution from budgets.

Provision for the payment of the employers' contribution under this act shall be made in the budget of the
Wyoming
supreme court and the district courts.
Provision for the payment of
that portion of the employee's contribution authorized to be made by the
employer under this act shall be
requested
in the budget of the
Wyoming
supreme court and the district courts.

Section 2.

W.S. 9
‑
3
‑
707(a)(iii)
is
repealed.

Section 3.

(a)

There is appropriated from the
general
fund to the
judicial retirement account defined by W.S. 9
‑
3
‑
702(a)(i),
seven hundred sixty-one thousand nine hundred dollars ($761,900.00) to fund the additional liability of the judicial retirement system under this act.

(b)

There is appropriated from the general fund to the supreme court four hundred ten thousand eight hundred forty-six dollars ($410,846.00).
This appropriation shall be for the period beginning with the effective date of this act and ending June 30, 2010.

This appropriation shall only be expended for the
additional contributions required or authorized under this act. N
otwithstanding any other provision of law, this appropriation shall not be transferred or expended for any other purpose and any unexpended, unobligated funds remaining from this appropriation shall revert as provided by law on
June 30, 2010.

Section 4.

This act is effective July 1, 2008.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk

1

Judicial retirement.

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Official Summary Text

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