The bill amends the Judicial Retirement Act to enhance the funding and benefits of the Judicial Retirement Fund. It establishes that the fund will consist of appropriations, income from docket and jury fees, contributions from employers and employees, and all income derived from investments. The bill also modifies the service credit requirements for judges, adjusting the multipliers for calculating pensions. Specifically, it introduces new service credit multipliers for different service periods, with increased percentages for service credit earned after July 1, 2025, and clarifies the contributions required from members and employers.

Additionally, the bill specifies that starting July 1, 2025, member contributions will increase to 14.74% of salary, while employer contributions will rise to 19.24%. It also outlines the distribution of funds within the Judicial Retirement Fund, ensuring that expenses related to the fund's administration and investment are covered. The effective date for these changes is set for July 1, 2025, allowing for a transition period for the implementation of the new provisions.

Statutes affected:
introduced version: 10-12B-3, 10-12B-8, 10-12B-9, 10-12B-10, 10-12B-11