HI SB249

Reduces the retirement allowance percentage for judges who first earn credited service after June 30, 2050, from three per cent to two per cent of average final compensation.

Applies the two per cent rate to judges becoming members after June 30, 2012 who first earn credited service after June 30, 2050, in both the regular retirement formula (Section 88-74(c)(4)) and for members with elective or legislative officer service (Section 88-74(d)(5)(D)).

Extends the two per cent rate to judges who become members after June 30, 2012 and first earn credited service after June 30, 2050, applying it in the retirement allowance calculation under Section 88-74(g) and (h).

Maintains the existing 75 per cent maximum allowance cap and requires any excess to be returned to the member or designated beneficiary.

Effective date is July 1, 2050.