SB 1049 - This act prohibits a retired judge who first became a judge after January 1, 2011, from receiving their retirement benefits while they are employed by any department or agency of the executive or legislative branch of the state. This act also creates a different retirement plan for any person who becomes a state employee on or after January 1, 2011. Employees, members of the General Assembly, and statewide elected officials will be required to reach age sixty-two before they are eligible for retirement and will not be eligible for early retirement. Members of this retirement plan will be required to contribute five percent of their compensation to the retirement system. Any change to the contribution rate, the benefits under the year 2000 plan, and any other provision of the year 2000 plan that is altered, amended, increased or decreased will only apply after the effective date of the change.
The mandatory retirement age for uniformed members of the Highway Patrol who are hired for the first time on or after January 1, 2011, will be increased from sixty to sixty-two.
The act creates a different retirement plan for any person who first becomes a judge on or after January 1, 2011. Judges will be required to reach age sixty-two before they are eligible for retirement and will not be eligible for early retirement. Judges must have at least twelve years of service, otherwise, their retirement compensation will be reduced proportionately. Judges in this retirement plan will be required to contribute five percent of their compensation to the retirement system. When a retired judge under this plan dies, their beneficiary will not receive an amount equal to fifty percent of the judge's retirement compensation. Instead, judges will make a choice at retirement among the benefit payment options, that includes options for the amount received by the beneficiary. Judges under this plan who continue to work after their normal retirement date will not have cost-of-living increases added to their retirement compensation for the period of time between their eligibility for retirement and their actual retirement date. Any change to the contribution rate, the benefits under the judicial retirement plan, and any other provision of the judicial retirement plan that is altered, amended, increased or decreased will only apply after the effective date of the change.
EMILY KALMER