SB82 Summary

• Allows probate judges who have served at least 23 years and 9 months and left service on or before August 1, 2004, to purchase up to 3 months of additional creditable service to reach 24 years of service and retire regardless of age.

• Judges must pay a lump sum to the Judicial Retirement Fund equal to a percentage of their final annual state salary based on the fund's actuarial valuation, plus interest not exceeding 8% compounded annually.

• Judges leaving service with less than 25 years must also pay an additional lump sum equivalent to one year of creditable service costs at the same interest rate.

• All purchases must be fully exercised and paid by October 1, 2018, after which the retirement system provision closes and becomes unavailable.

• Effective immediately upon passage and approval by the Governor.