SB 11 MAGISTRATE JUDGE RETIREMENT

Sen Elizabeth "Liz" Stefanics

Actions: [1] SCC/SJC/SFC-SCC-germane-SJC

Scheduled: Not Scheduled

 Senate Bill 11 (SB 11) allows for the appropriation of money into the Magistrate Retirement Fund, increases certain service credit multipliers in the Magistrate Retirement Act, and increases member and state contributions to the Magistrate Retirement Fund.  

 Senate Bill 11 (SB 11) makes changes to the Magistrate Retirement Fund. 

First, SB 11 allows the Magistrate Retirement Fund to receive appropriations.  

SB 11 then increases the amount of monthly pension for all magistrates under payment A from 85% to 100% of 1/60th of the greatest aggregate salary received for 60 consecutive months prior to leaving office.  

Starting July 1, 2024, SB 11 increases the magistrate member contributions from 10.5% of salary to 12.5%, and increases the state contribution rate from 11% to 21.5% of salary for each member in office. 

SB 11 is effective July 1, 2024. 
 

 Currently, the Magistrate Retirement Fund cannot receive appropriations, the amount of monthly pension for magistrates is 85% of a percentage of their salary, members contribute 10.5% and employees contribute 11%.