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Senate Rules panel considers change to magistrates’ retirement formula; fund remains self-funded
Summary
Lawmakers on the Senate Rules panel discussed Senate Bill 261, which would change how magistrates’ retirement allowances are calculated; presenters said the magistrates’ pension fund is self-funded and the bill would not require state money. A procedural motion later placed the bill on the supplemental calendar.
At a meeting of the Senate Rules panel, members discussed Senate Bill 261, a proposal to change the formula used to calculate magistrates’ retirement allowances.
The presenter described the magistrates’ pension as self-funded and said the substitute would alter the benefit formula. “Does not take any state funds. It's all self funded,” the presenter said, adding that the substitute would change how retirement allowances are calculated and noting that members currently receive a benefit equal to 4% of their average final monthly benefit.
Chairman Carson questioned whether the bill had the endorsement of the magistrates and the magistrates’ pension fund. “Is it not true that this bill … is it not true that this bill is endorsed by the magistrates and by the magistrates pension fund itself?” Carson asked. The presenter replied, “That is correct, sir.”
Carson also pressed on funding ratios cited during the exchange. In response, the presenter summarized the actuarial position, saying the plan was about 140% funded before the change and about 126% funded afterward.
The panel did not vote on final passage of the legislation during the session; the clerk later moved and seconded a procedural motion that placed Senate Bill 261 onto the supplemental calendar for further consideration.
The meeting next addressed other calendar business and then adjourned. The panel scheduled its next meeting for Thursday at 9 a.m.
