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 a framework for the fund's administration, detailing the various accounting funds such as the member contribution fund, employer's accumulation fund, retirement reserve fund, and income fund. The bill also modifies the service credit requirements for judges, adjusting the multipliers for calculating pensions based on years of service and salary received. Specifically, it increases the contribution rates for members and employers, with members contributing 10.5% of their salary until July 1, 2025, and 14.74% thereafter, while employers will contribute 19.24% starting July 1, 2025.

Additionally, the bill outlines the pension calculation for judges based on their years of service and salary, with specific provisions for those who became members before and after certain dates. It clarifies that the pension benefits cannot exceed 100% of a specified salary calculation and ensures that any credited service or pension earned prior to the bill's effective date will not be adjusted. The effective date for the new provisions 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
Final Version: 10-12B-3, 10-12B-8, 10-12B-9, 10-12B-10, 10-12B-11