CA SB656

Authorizes judges age 60+ with 5+ years of service, or judges with 20+ years of service, to defer retirement and leave monetary credits on deposit with the system, then receive monthly retirement allowance at age 70 or 65 respectively.

Requires judges electing deferred retirement to make their election within 30 days of separation; judges failing to elect receive their lump sum payment of monetary credits under existing law.

Allows judges in deferred retirement status to continue health care coverage by paying all contributions plus 2% administrative fee, and become annuitants eligible for employer-subsidized coverage upon commencing retirement allowance.

Permits the Public Employees' Retirement System Board to charge administrative fees to judges electing deferred retirement benefits.

Specifies that surviving spouses of judges under age 65 receiving deferred retirement allowance receive 50% of the judge's unmodified monthly allowance, and requires spouses to have been continuously married to the judge from retirement until death for judges first appointed on or after January 1, 2019.