NC S1341

Amends the consolidated judicial retirement system to allow judges and judicial officers to retire at age 62 with 20 years of creditable service, effective July 1, 2010

Modifies G.S. 135-58(a6) by adding an expiration date of July 1, 2010 to the previous retirement eligibility provisions requiring age 65 or 24 years of service

Creates new G.S. 135-58(a7) establishing retirement eligibility for members retiring on or after July 1, 2010 who have attained age 62 with 20 years of service, in addition to the existing age 65 or 24-year service options

Calculates retirement allowances based on position type with percentages ranging from 3.02% to 4.02% of final compensation multiplied by years of creditable service in each judicial position

Caps total retirement allowance so it does not exceed three-fourths of the member's final compensation when combined with allowances from other state retirement systems