(1)There is hereby created in the office of the state treasurer, separate and apart from other funds of the state, a dedicated fund to be known as the senior magistrate judges fund. Moneys deposited into the fund pursuant to section 31-3201A, Idaho Code, shall, subject to appropriation, be used by the Idaho supreme court to purchase up to a maximum of forty-eight (48) months of membership service in the public employee retirement system of Idaho under section 59-1363, Idaho Code, for retiring magistrate judges of the district court who hold office under the provisions of chapter 22, title 1, Idaho Code, at the time of their retirement. The supreme court’s purchase of membership service in the public employee retirement system of Idaho under this section shall also be restricted by any app
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(1) There is hereby created in the office of the state treasurer, separate and apart from other funds of the state, a dedicated fund to be known as the senior magistrate judges fund. Moneys deposited into the fund pursuant to section 31-3201A, Idaho Code, shall, subject to appropriation, be used by the Idaho supreme court to purchase up to a maximum of forty-eight (48) months of membership service in the public employee retirement system of Idaho under section 59-1363, Idaho Code, for retiring magistrate judges of the district court who hold office under the provisions of chapter 22, title 1, Idaho Code, at the time of their retirement. The supreme court’s purchase of membership service in the public employee retirement system of Idaho under this section shall also be restricted by any applicable limits and requirements established by the public employee retirement system of Idaho and by the United States internal revenue service.
(2) The actual number of months of membership service the supreme court may purchase on behalf of a person shall be based upon the period of full-time service provided to the judicial department by that person prior to retirement and the person’s willingness to perform service as a senior judge if he or she is designated a senior judge by the supreme court pursuant to section 1-2005 or 1-2221, Idaho Code.
(3) The supreme court may adopt rules for the application and implementation of subsections (1) and (2) of this section including, but not limited to, establishing eligibility requirements and a formula, criteria and procedures for determining the number of months of membership service the court will purchase on behalf of a person.
(4)(a) In addition to the potential purchase of up to forty-eight (48) months of membership service in the public employee retirement system of Idaho, as set forth in this section, and without regard to whether a magistrate judge serves in the capacity of a senior magistrate, effective July 1, 2024, a magistrate judge that is retiring and is eligible to receive retirement compensation under the public employee retirement system of Idaho shall be entitled to a retirement bonus after retirement of twenty-five thousand dollars ($25,000) if:
(i) The magistrate judge retires at the conclusion of the term of office to which the magistrate judge was most recently elected or appointed;
(ii) The magistrate judge has given written notice to the supreme court, which shall announce the upcoming retirement to the general public and the legislature in the same manner that judicial vacancies are customarily announced; and
(iii) Such announcement is made not less than one (1) year in advance of the retirement.
(b) If the requirements in paragraph (a) of this subsection are not met, then such retiring magistrate judge shall not be eligible to receive the retirement bonus provided for in this subsection.
(5) Moneys deposited into the fund may be allowed to accumulate from year to year for the purposes set forth in this section, and all interest earned on the investment of idle moneys in the fund by the state treasurer shall be returned to the fund.