SB935 Summary

• Modifies judicial retirement benefits by reducing the accrual rate from 3% to 1.75% per year of credited service for judges first employed after June 30, 2031, while maintaining the age 60 eligibility requirement.

• Reclassifies judges first employed after July 1, 2031 from Class A to Class H membership in the Employees' Retirement System.

• Requires the Department of Human Resources Development to study reducing the vesting period for Class H, Tier 2 hybrid members from 10 years to 5 years of credited service and submit findings by 20 days before the 2027 legislative session.

• Appropriates $300,000 for fiscal year 2025-2026 to fund the vesting study.

• Takes effect on July 1, 2025, without affecting any rights, benefits, or vested obligations that matured before the effective date.