Synopsis of Bill as introduced:
Amends the Judges Article of the Pension Code. Provides that a
judge who has attained age 60 and is eligible to receive the maximum
rate of annuity may elect to have his or her contributions to the
System based only on the increases in salary received by the judge on
or after the date of the election, rather than the total salary
received; does not apply to a judge who has previously elected to stop
contributing, unless the judge has revoked that election. Extends the
deadline for revocation to January 1, 2000. In the provisions
relating to reduction of annuity due to retirement before age 60 with
fewer than 28 years of service, reduces the early retirement penalty.
PENSION NOTE (Pension Laws Commission)
The SB1020 provision that reduces the early retirement reduc-
tion would increase the accrued liability of JRS by $372,000.
The increase in total annual cost is estimated to be 0.04% of
payroll, or $39,800 in the 1st year. The annual cost would
increase commensurate with payroll.
Last action on Bill: PUBLIC ACT.............................. 91-0653
Last action date: 99-12-10
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status