HB 5034 Summary

• Modifies retirement eligibility and vesting requirements for judges, family support magistrates, and compensation commissioners, with different rules based on service start dates and effective July 1, 2022.

• Changes cost of living allowance calculations for those retiring on or after October 2, 2011, to match the state employees retirement system allowance instead of capping increases at 2-3 percent.

• For those first commissioned on or after July 1, 2011, bases retirement salary calculations on the average annual salary for the five years preceding retirement rather than salary at time of retirement.

• Establishes new retirement eligibility under section 51-49i for those retiring on or after July 1, 2022, requiring age 63 with 25 years of service, or age 65 with 10 years of service.

• Allows judges in service on the effective date to make a one-time irrevocable election by July 1, 2013, to pay actuarial costs to maintain current retirement plan eligibility scheduled to change July 1, 2022.