The bill amends the Judicial Retirement Act to enhance the funding and benefits of the Judicial Retirement Fund. It establishes that appropriations and income derived from investments will be credited to the fund, and it modifies the years of service credit required for certain judges. Specifically, it adjusts the service credit multipliers for pensions, increasing the percentages for service credit earned after July 1, 2025. The bill also outlines the contributions required from members and employers, with members contributing 10.5% of their salary until July 1, 2025, and 14.74% thereafter. Employers will contribute 19.24% of salary starting July 1, 2025.

Additionally, the bill specifies the accounting funds within the Judicial Retirement Fund, including the member contribution fund, employer's accumulation fund, retirement reserve fund, and income fund, detailing how each fund will be utilized. It also clarifies that the provisions regarding pension calculations will not apply retroactively to service performed before the effective date of the act, which is set for July 1, 2025. Overall, the bill aims to strengthen the financial stability of the Judicial Retirement Fund and improve retirement benefits for judges.

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