Judges’ retirement rate increase advances

Lawmakers gave first-round approval April 10 to a bill that would extend an increase in Nebraska judges’ retirement contribution rates.

LB306, introduced by Omaha Sen. Jeremy Nordquist, would remove the pending July 1, 2014, sunset date on a 1 percent employee contribution rate increase that was established in 2009.

Nordquist said an actuary has projected a need for additional money to be paid into the Judges Retirement Plan for the next five years in order to meet the annual actuarially required contributions.

A Retirement Systems Committee amendment, adopted 26-0, struck an additional provision that would have changed the amortization method for calculating the unfunded actuarial liability from level dollar to level percent of pay.

Nordquist said the provision instead would be amended into another bill.

A Nordquist amendment, adopted 28-0, incorporated provisions of LB229, a bill he also introduced.

The amendment removed a scheduled July 1, 2014 sunset date of an additional $1 fee on various court filings that was added in 2009.

The fee increase is directed to the Judges Retirement Plan, Nordquist said, and will help offset any unfunded liabilities.

The bill advanced to select file on a 28-0 vote.