DE SB42

Increases pension contribution rates for new members of the State Judiciary Retirement Fund joining on or after the effective date from 4% to 5% of annual compensation (in excess of $6,000 up to the Social Security wage base)

Allows Justices of the Peace, Commissioners, and Magistrates in Chancery who first qualify for the State Judicial Pension Plan on the effective date to decline participation and remain in the State Employee's Pension Plan

Requires judicial officers who opt into the State Judicial Pension Plan to contribute at the rate applicable to their prior participation in the State Employee's Pension Plan for their first 24 years of service

Provides judicial officers transitioning to the State Judicial Pension Plan with incremental payouts of accrued annual leave over a 5-year period

Changes the effective date of the related pension legislation (Chapter 446, Volume 84) from January 1, 2025 to February 9, 2025