Senate Sponsors: BERMAN. Short description: PEN CD-JUDGES-INCREASE BENEFIT Synopsis of Bill as introduced: Amends the Judges Article of the Pension Code. Reduces the amount of the early retirement penalty for certain judges who retire before attaining age 60. Also provides that a judge who is eligible to receive the maximum rate of annuity may elect to have his or her contributions to the System based only on the increases in salary received by the judge on or after the date of the election, rather than the total salary received. Effective immediately. PENSION IMPACT NOTE SB 1341 that reduce the early retirement reduction would in- crease the accrued liability of JRS by $372,000. The increase in total annual cost estimated to be 0.04% of payroll, or $39,800 in the 1st year. The annual cost would increase commen- surate with payroll. The fiscal impact of allowing judges to make contributions based only on salary increase cannot be determined, as the number of individuals that will be affected in the future is unknown. But, SERS estimates member contribu- tions will decrease approximately $700,000 in the 1st year of the program. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status