The bill amends the Judicial Retirement Act to enhance the Judicial Retirement Fund by allowing appropriations and income from investments to be credited to it. It establishes various accounting funds within the Judicial Retirement Fund, including the member contribution fund, employer's accumulation fund, retirement reserve fund, and income fund, detailing their purposes and the management of contributions. The bill also adjusts the years of service credit required for certain judges to qualify for retirement, with specific age and service credit requirements outlined for members based on their initial membership date.

Additionally, the bill increases certain service credit multipliers for pension calculations, particularly for judges who became members after specific dates. It mandates that member contributions will increase from 10.5% to 14.74% of salary by July 2025, while employer contributions will also rise to 19.24% of salary for members in office. The provisions of the bill will take effect on July 1, 2025, and any credited service or pension amounts earned prior to this date will not be adjusted under the new regulations.

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