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House Bill 1025


House Bill 1025

ARCHIVE (2000)

Latest Information

 

DIGEST OF HB1025 (Updated February 7, 2000 5:42 PM - DI 84)


Judges' and prosecuting attorneys' pensions. Provides that a person serving as a magistrate on July 1, 2000, may make an election to become a member of the judges' 1985 benefit system, effective January 1, 2001. Provides that a person who begins serving as a magistrate after July 1, 2000, shall be a participant in the judges' 1985 benefit system, effective January 1, 2001. Allows full-time magistrates who are participants in the 1985 benefit system of the judges' retirement fund to purchase service credit at full actuarial cost for prior service as a full-time commissioner, magistrate, or referee, or in PERF covered positions other than full-time commissioner, magistrate, or referee. Beginning in 2001, requires the monthly benefits payable to participants, survivors, and beneficiaries under the 1985 benefit system of the judges' retirement fund and under the prosecuting attorneys retirement fund to be increased by the same percentages and under the same conditions as monthly benefits are increased for members of PERF. Provides that a member of the prosecuting attorneys retirement fund is not required to make contributions to the fund after the member has contributed to the fund for 22 years. Reduces from ten to eight the number of years required to vest as a member of the prosecuting attorneys retirement fund. Increases the percentages used in computing retirement benefits under the prosecuting attorneys retirement fund. Changes the reduction factor for retirement before 65 years of age.
Current Status:
 In Committee - 2nd House
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