1.
a.The annual annuity of a judge under this system is an amount equal to three and
one-fourth percent of the judge’s average annual basic salary for the judge’s highest three
years as a judge of one or more of the courts included in this article, multiplied by the judge’s
years of service as a judge of one or more of the courts for which contributions were made
to the system. However, an annual annuity shall not exceed an amount equal to a specified
percentage of the highest basic annual salary which the judge is receiving or had received as
of the time the judge became separated from service. Forfeitures shall not be used to increase
the annuities a judge or survivor would otherwise receive under the system.
b.“Specified percentage”, for purposes of this section, means as follows:
(1
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1. a. The annual annuity of a judge under this system is an amount equal to three and
one-fourth percent of the judge’s average annual basic salary for the judge’s highest three
years as a judge of one or more of the courts included in this article, multiplied by the judge’s
years of service as a judge of one or more of the courts for which contributions were made
to the system. However, an annual annuity shall not exceed an amount equal to a specified
percentage of the highest basic annual salary which the judge is receiving or had received as
of the time the judge became separated from service. Forfeitures shall not be used to increase
the annuities a judge or survivor would otherwise receive under the system.
b. “Specified percentage”, for purposes of this section, means as follows:
(1) For judges who retire and receive an annuity prior to July 1, 1998, the specified
percentage shall be fifty percent.
(2) For judges who retire and receive an annuity on or after July 1, 1998, but before July
1, 2000, the specified percentage shall be fifty-two percent.
(3) For judges who retire and receive an annuity on or after July 1, 2000, but before July
1, 2001, the specified percentage shall be fifty-six percent.
(4) For judges who retire and receive an annuity on or after July 1, 2001, but before July
1, 2006, the specified percentage shall be sixty percent.
(5) For judges who retire and receive an annuity on or after July 1, 2006, the specified
percentage shall be sixty-five percent.
2. a. A judge shall not receive under this article in any calendar year an annuity benefit
which, if received in the form of a straight life annuity with no ancillary benefits, exceeds the
lesser of the following:
(1) A dollar limitation of ninety thousand dollars adjusted each January 1 to the dollar
limitation determined by the federal commissioner of internal revenue pursuant to section
415(d) of the United States Internal Revenue Code, as amended.
(2) A compensation limit of one hundred percent of the average compensation paid to the
judge during those three consecutive calendar years as a judge of one or more of the courts
included in this article which give the highest average.
b. The limitations of this subsection do not apply to an annuity benefit which is less than
ten thousand dollars.
3. a. The limitations in subsection 2 shall be adjusted as follows:
(1) If the annuity begins prior to the sixty-second birthday of the judge, the dollar
limitation shall be equal to an annual annuity benefit which is equal to the actuarial
equivalent of an annuity benefit commencing on the sixty-second birthday of the judge, but
not below seventy-five thousand dollars.
(2) If the annuity begins after the sixty-fifth birthday of the judge, the dollar limitation
shall be equal to an annual annuity benefit which is the actuarial equivalent of an annuity
benefit commencing on the sixty-fifth birthday of the judge.
(3) Iftheannuitybeginspriortothejudgehavingtenyearsofcreditableservice, thedollar
limitation,theonehundredpercentofaveragecompensationlimitation,andtheexceptionfor
an annuity benefit which is less than ten thousand dollars, shall be reduced by a fraction, the
numerator of which is the total years and months of creditable service, and the denominator
of which is ten.
b. For purposes of the limitations of this subsection, the actuarial equivalent shall be
determined from actuarial tables using the 1983 group annuity table for males and five
percent interest compounded annually. The value of the joint and survivorship feature of an
annuity shall not be taken into account in applying the limitations of this section.
4. This section is intended to meet the requirements of section 415 of the United States
Internal Revenue Code and shall be construed in accordance with that section, and shall, by
this reference, incorporate any subsequent changes to that section which apply to the judicial
retirement system.