SB411 Summary

• Amends Section 36-27B-1 to extend the Preretirement Death Benefit Program to members of the Judges' and Clerks' Plan and District Attorneys' Plan effective November 8, 2016.

• Establishes the Judges' and Clerks' Plan under the Judicial Retirement Fund for justices, judges, and circuit clerks first elected or appointed after November 8, 2016, with 8.5% employee contributions and benefits based on 3% (clerks) or 4% (judges) of average final compensation per year of service, capped at 80% or 75% respectively.

• Establishes the District Attorneys' Plan under the Judicial Retirement Fund for district attorneys first elected or appointed after November 8, 2016, with 8.5% employee contributions and 3% benefit accrual per year of service, capped at 80% of average final compensation.

• Allows members to transfer prior service credit from the Employees' Retirement System or Teachers' Retirement System and provides retirement eligibility at age 62 with 10+ years of service, disability retirement provisions, and multiple survivor benefit options.

• Effective November 8, 2016, contingent upon passage and ratification of the constitutional amendment proposed by Senate Bill 421 of the 2015 Regular Session.