2012 Idaho Statutes
Title 1 - COURTS AND COURT OFFICIALS
Chapter 20 - JUDGES' RETIREMENT AND COMPENSATION
Section 1-2004A - EMPLOYER CONTRIBUTIONS -- AMOUNTS -- RATES -- AMORTIZATION.
(2) The normal cost rate shall be computed to be sufficient, when applied to the actuarial present value of the future salary of the average new justice or judge entering the system, to provide for the payment of all prospective benefits in respect to such justice or judge which are not provided by the justice's or judge's own contribution.
(3) The amortization rate shall not be less than the minimum amortization rate computed pursuant to subsection (5) of this section, unless a one (1) year grace period has been made effective by the retirement board. During a grace period, the amortization rate shall be no less than the rate in effect during the immediately preceding year. A grace period may not be made effective if more than one (1) other grace period has been effective in the immediately preceding four (4) year period.
(4) Each of the following terms used in this chapter shall have the following meanings:
(5) The minimum amortization payment rate shall be that percentage, calculated as of the valuation date, of the then actuarial present value of the projected salaries from the effective date to the end date which is equivalent to the excess of the unfunded actuarial liability over the scheduled amortization amount.
History:
[1-2004A, added 2012, ch. 330, sec. 7, p. 919.]
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