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Committee backs changes to judges' retirement benefits in engrossed House Bill 3506
Summary
A Pensions Committee substitute amendment collapsed tiers, shortened vesting for reduced annuities and raised survivor benefits; the committee recommended the bill, as amended, to the full Senate with a referral to finance.
The Pensions Committee voted to adopt a committee "strike and insert" amendment to engrossed House Bill 3506 and recommended the bill to the full Senate with a double reference to finance.
Committee counsel explained that House Bill 3506 revises the judges' retirement system by allowing judges who reach age 65 to receive an actuarially reduced annual annuity after 12 years of service (down from 16), increasing the surviving spouse benefit from 40 percent to 50 percent, and collapsing the tier distinction between judges who took office before and after February 2005. "Under current law, judges who are appointed or elected after July 2005, who…
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