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, fees from various courts, contributions from employers and employees, and all income derived from investments. The bill also clarifies the roles of the board as the trustee of the fund, responsible for its administration and investment, and allows for the promulgation of rules regarding the fund's management. Additionally, it introduces new accounting funds within the retirement system, including a member contribution fund, employer's accumulation fund, retirement reserve fund, and income fund, each designated for specific purposes related to the Judicial Retirement Act.

Furthermore, the bill adjusts the age and service credit requirements for judges' retirement, increasing certain service credit multipliers. It specifies the pension calculation methods for judges based on their service credit and the date they became members of the retirement system. Notably, the contribution rates for members and employers are set to increase, with members contributing 10.5% of their salary until July 1, 2025, and then 14.74% thereafter. Employers will contribute 19.24% starting July 1, 2025. The effective date for these changes is set for July 1, 2025.

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