This bill amends the Judges Retirement Act in Nebraska, focusing on adjustments to contribution rates, retirement annuities, and annual benefit adjustments for judges. It establishes new contribution rates based on judges' service dates, with judges serving on or after July 1, 2015, contributing 10% of their monthly compensation until July 1, 2026. After this date, the contribution rate will vary depending on whether judges have reached the maximum retirement benefit. The state will also contribute a percentage of total annual compensation to the retirement fund, gradually reducing to zero percent starting July 1, 2026. Additionally, the bill outlines the collection of fees related to the Nebraska Retirement Fund for Judges, which will increase over time, and mandates that the state or county will cover member contributions for compensation paid after January 1, 1985.

Furthermore, the bill modifies retirement annuity calculations for judges retiring under specific sections, ensuring that future members retiring after July 1, 1986, receive an annuity based on a formula tied to their final average compensation and years of service, with a cap on monthly benefits. It also introduces a one-time cost-of-living adjustment for retired judges and their beneficiaries, with annual increases capped at three percent and a total limit of $250 per month. For judges who became members on or after July 1, 2015, annual benefit adjustments will be based on the lesser of the percentage change in the Consumer Price Index or a fixed percentage that will increase over time. The bill ensures that benefits cannot be reduced and is set to take effect immediately upon passage and approval.

Statutes affected:
Introduced: 24-703
Final Reading: 24-703, 24-710, 24-710.14