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.