Judicial Retirement Plans/Pensions 2011: Southern States

Alabama HB 414 Provides for increases in employee contributions for retirement to Judicial Retirement Fund:  7.25% of salary (May 2011 – October 2011); 8.4% (October 2011 – October 2012); 9% (October 2012 onward).

Florida HB 1139 & SB 290 Provides after July 2011, all judges/justices are to receive judicial retirement credit of 2% (currently 3.33%) of average final compensation for each year of creditable service as a judge/justice.

Florida HB 1405 Changes employer contribution rates for judges/justices from 20.65% to 7.26%. Reduces the disability rate for justices and judges to one third of his or her monthly compensation. AMENDED: Changes employer contribution rates for judges/justices from 20.65% to 15.19%. Establishes additional employer contribution rates for the purpose of funding the unfunded actuarial liabilities: 0.39% (effective July 2011) and 12.05% (effective July 2012). Removes reduction and maintains the current disability benefit for justices and judges.

Georgia HB 250 Provides Georgia Judicial Retirement System member who rejected survivor’s benefits may elect such benefits by paying the actuarial cost. For those becoming members allows one-time election to convert the retirement allowance otherwise payable to him or her into a modified retirement allowance of equivalent actuarial value and designate a natural person to receive. Provides for the event of death or divorce of member of system and for the payment of the remainder of a member’s accumulated contributions.

Georgia HB 344 Provides juvenile court judges and other members of Georgia Judicial Retirement System may obtain creditable service for prior service as a full-time associate juvenile court judge.

Georgia HB 533 Permits transfer of funds from the Employees’ Retirement System of Georgia to the Georgia Judicial Retirement System by judges and to obtain creditable service. Expands transfer of funds authority to include juvenile court judges.

Georgia HB 542 Permits transfer of funds from the Georgia Judicial Retirement System to the Employees’ Retirement System of Georgia and to obtain creditable service. Expands transfer of funds authority to include juvenile court judges.

Kentucky HB 480 ORIGINAL: Requires members of the Judicial Form Retirement System and other specified retirement systems who are not subject to legislative or judicial branch code of ethics shall be subject to the executive branch code of ethics. Requires the audit of the Judicial Form Retirement System by the Auditor of Public Accounts at least once every five years and require the system to pay all costs of the audit. Prohibits members of the Judicial Form Retirement System from serving more than three consecutive terms of office on the board and prohibits the board chairman from serving more than six consecutive years as chairman. Prohibits assets of the Judicial Form Retirement System from being used to pay placement agents. Requires the Judicial Form Retirement System to make system expenditures and employee salaries available on a Web site. Establishes conflict-of-interest provisions applicable to trustees and employees of the Kentucky Judicial Form Retirement System. AMENDED: Deletes measures affecting the Judicial Form Retirement System board term limits, board chair term limits, expand or establish conflicts of interest requirements for board members and employees of the board; require the Auditor of Public Accounts to conduct the system financial audit.

Kentucky SB 2 Closes Judicial Retirement Plan to new members effective July 1, 2012. Allows those in Judicial Retirement Plan with less than 5 years of service to transfer their membership and account balance to the Public Employees Retirement System.

Maryland SB 6 Provides that, on or after July 1, 2011, an individual not already a member of the Judges’ Retirement System may not join.

Maryland SB 735 Provides that, on or after July 1, 2011, an individual not already a member of the Judges’ Retirement System may not join.

Mississippi HB 464 & SB 2154 Includes all remuneration or amounts paid (except mileage allowance) to Justices of the Supreme Court and Judges of the Court of Appeals as “earned compensation” for retirement fund purposes.

Oklahoma HB 1005 Creates the Task Force on Pension Benefit Funding and Security to examine Judges and Justice Retirement System and other systems.

Oklahoma HB 1006 Creates Task Force on Pension Benefit Funding and Security to examine judge’s retirement system and other retirement systems.

Oklahoma HB 1010 AS AMENDED: Modifies provisions related to normal retirement age for members entering the Uniform Retirement System for Justices and Judges on or after January 1, 2012. Eliminates the provision whereby a member with 8 years of judicial service may retire when the sum of their age and years of service equals or exceeds 80. Decreases the multiplier used to calculate the retirement benefit for members entering  on or after January 1, 2012 from 4% to 2%.

Oklahoma HB 2057 Prohibits cost of living adjustment for Uniform Retirement System for Justices and Judges unless system has a funded ratio which equals or exceeds85%

Oklahoma HB 2132 Modifies judicial and other retirement systems funding ratios and cost of living adjustments. Changes the definition of a “nonfiscal retirement bill” by removing the provision that allows a cost-of-living increase to be considered nonfiscal. Stipulates that any retirement bill having a fiscal impact is subject to the statutory requirements related to concurrent funding.

Oklahoma SB 53 Eliminates provision allowing up to five years of prior military service to be entered as credit towards the Uniform Retirement System for Justices and Judges.

Oklahoma SB 310 Creates the Uniform Retirement System for Justices and Judges Reform Act of 2011 (placeholder).

Oklahoma SB 311 Creates the Uniform Retirement System for Justices and Judges Reform Act of 2011 (placeholder).

Oklahoma SJR 19 (Constitutional Amendment) Requires the Uniform Retirement System for Justices and Judges to have a funded ratio which equals or exceeds 90%.

South Carolina HB 3568 & SB 531 Closes state retirement system for judges and solicitors to future judges and requires they enroll in state’s retirement investment plan instead.

Tennessee HB 1622SB 1498 Revises retirement provisions for general sessions judges from Group 1 to Group 4 level.

Texas HB 390 & SB 1223 Modifies service retirement annuity for appellate judges under the Judicial Retirement System Plan Two.