California Senate Bill SB503 Introduced / Bill

 BILL NUMBER: SB 503INTRODUCED BILL TEXT INTRODUCED BY Senator Vargas FEBRUARY 17, 2011 An act to amend Section 75506.5 of the Government Code, relating to judges' retirement. LEGISLATIVE COUNSEL'S DIGEST SB 503, as introduced, Vargas. Judges' retirement. The Judges' Retirement System II Law authorizes any judge to elect, by written election filed with the board at any time prior to retirement, to make contributions, and receive service credit for, all of the time he or she served as a full-time subordinate judicial officer, prior to becoming a judge, excluding any period of time for which the judge is receiving, or is entitled to receive, a retirement allowance from any other public retirement system. This bill would limit that written election to a one-time written election. The bill would also authorize the judge to make contributions to, and receive service credit for, any number of whole years or all of the time he or she served as a full-time subordinate judicial officer. Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 75506.5 of the Government Code is amended to read: 75506.5. (a) Any judge may  elect, by written election   make a one-time written election,  filed with the board at any time prior to retirement, to make contributions  to  , and receive service credit for,  any number of whole years or  all of the time he or she served as a full-time subordinate judicial officer, as defined in Section 71601, prior to becoming a judge, excluding any period of time for which the judge is receiving, or is entitled to receive, a retirement allowance from any other public retirement system. (b) A judge electing to receive credit for service pursuant to this section shall, at the time of filing his or her election, pay into the Judges' Retirement Fund II, a sum equal to the actuarial present value of the increase in benefits due to the additional service. The amount shall be determined by the board in accordance with this section.