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Section 1. 1. The Legislative Commission shall appoint a

subcommittee of four legislators selected as follows:

(a) Two members of the Assembly, one of whom must be appointed as

the chairman of the subcommittee; and

(b) Two members of the Senate,

to conduct an interim study of the pension plan for justices of the supreme

court and judges of the district courts of this state.

2. The study must include an analysis of:

(a) The actuarial soundness of the current method of funding the pension

plan;

(b) An alternative to the current method of funding the pension plan

modeled on the method of funding the Public Employees’ Retirement

System, and the actuarial soundness of such an alternative; and

(c) Any other alternatives to the current method of funding the pension

plan that the subcommittee determines to be actuarially sound.

If the subcommittee considers the addition of justices of the peace or

judges of the municipal courts to the current pension plan, the study must

include an additional, similar analysis relating to that inclusion.

3. The Public Employees’ Retirement System shall provide such advice

and assistance to the subcommittee as may be requested by the

subcommittee to carry out the provisions of this act.

4. Any recommended legislation proposed by the subcommittee must

be approved by an affirmative vote of not less than three members of the

subcommittee. The subcommittee shall deliver a report of its findings and

any recommended legislation to the Legislative Commission.

Sec. 2. The Public Employees’ Retirement System may expend not

more than $30,000 from the public employees’ retirement fund to provide

the advice and assistance requested by the subcommittee pursuant to

subsection 3 of section 1 of this act.

Sec. 3. This act becomes effective upon passage and approval.

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