SB 150 Summary

• Establishes the 2014 judges' retirement, disability, and death system for individuals who become judges or full-time magistrates after June 30, 2014

• Requires participants to contribute 6% of salary to the retirement fund, with contributions ceasing after 22 years of service

• Provides retirement benefits based on years of service (8-22+ years) ranging from 24% to 60% of highest annual salary, with eligibility at age 62 with 8 years service or age 55 with combined age and service equaling 85

• Includes disability benefits at 50%-60% of salary based on service years for participants deemed permanently disabled, with mandatory reexamination at intervals not exceeding one year

• Establishes survivor benefits for designated spouses and dependent children, with minimum annual benefit of $12,000 or 50% of participant's retirement benefit, whichever is greater