(1)For the purpose of paying such retirement compensation, there is hereby created in the office of the treasurer of the state of Idaho a fund to be known as the "Judges’ Retirement Fund," which shall be separate and apart from all public moneys or funds of this state, which shall be maintained in trust exclusively for the purpose of the provisions of this chapter, and which shall consist of all moneys appropriated from the general fund, and all moneys received from special fees to be paid by parties to civil actions and proceedings, other than criminal, commenced in or appealed to the several courts of the state, together with all contributions out of the salaries and compensation of justices and judges, and interest received from investment, and reinvestment, of moneys of the judges’ re
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(1) For the purpose of paying such retirement compensation, there is hereby created in the office of the treasurer of the state of Idaho a fund to be known as the "Judges’ Retirement Fund," which shall be separate and apart from all public moneys or funds of this state, which shall be maintained in trust exclusively for the purpose of the provisions of this chapter, and which shall consist of all moneys appropriated from the general fund, and all moneys received from special fees to be paid by parties to civil actions and proceedings, other than criminal, commenced in or appealed to the several courts of the state, together with all contributions out of the salaries and compensation of justices and judges, and interest received from investment, and reinvestment, of moneys of the judges’ retirement fund, all as hereinafter provided. The retirement board shall serve as trustee of the trust.
(2) The members of the retirement board, public employee retirement system staff and mortgage and investment committee members shall be provided a defense and indemnified, and the retirement board may determine to provide a defense and indemnity, or refuse a defense and disavow and refuse to pay any judgment, to the same extent as provided in section 59-1305 (1), Idaho Code.
(3) All sums of money so accrued and accruing to the judges’ retirement fund, less an amount deemed reasonable and necessary by the retirement board to pay for administrative expenses of the judges’ retirement fund, are hereby appropriated to the payment of the annual retirement compensation of such retired justices and judges, and to payment of the allowances to surviving spouses.
(4) The retirement board shall submit an annual report for each fiscal year on the status and condition of the judges’ retirement fund to the supreme court, to the chairman of the judiciary and rules committee of the senate, to the chairman of the judiciary, rules and administration committee of the house and to the chairmen of the joint finance-appropriations committee. Such report shall include a fiscal year end actuarial evaluation of the judges’ retirement fund and shall include a specific report on any costs or savings arising from the retirement of persons under the provisions of subsection (2)(b) of section 1-2001, Idaho Code. The retirement board shall consult with the administrative director of the courts concerning any prospective changes or amendments to statutes and rules relating to the judges’ retirement fund.