SB374 Summary

• Establishes the Elected Court Officials' Plan under the Judicial Retirement Fund for justices, judges, district attorneys, and circuit clerks first elected or appointed on or after November 4, 2014.

• Requires elected court officials to contribute 8.5% of annual salary to the plan, with employers contributing an actualized percentage based on annual actuarial valuations.

• Provides service retirement at age 62 with 10+ years of membership service, offering a retirement allowance equal to 2.125% of average final compensation multiplied by years of service, capped at 80% of average final compensation.

• Extends preretirement death benefits to Elected Court Officials' Plan members beginning November 4, 2014, allowing survivor allowances and optional benefit distributions to designated beneficiaries.

• Implementation is contingent upon passage of a constitutional amendment during the 2013 Regular Session authorizing the legislature to create a retirement plan for district attorneys and circuit clerks; effective date is November 4, 2014.