Amended IN Senate June 22, 2022 Amended IN Assembly March 17, 2022 CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 2443Introduced by Assembly Member CooleyFebruary 17, 2022An act to amend Section 21754 of, and to add Sections 9395.07, 75075.04, and 75527.1 to, the Government Code, relating to retirement.LEGISLATIVE COUNSEL'S DIGESTAB 2443, as amended, Cooley. Public employees retirement: federal law: limitation on benefits.Existing law establishes the Legislators Retirement System, Public Employees Retirement System, the Judges Retirement System, and the Judges Retirement System II, all of which provide retirement and other benefits to their respective members and are administered by the Board of Administration of the Public Employees Retirement System. Existing federal law prescribes limits on the amount of retirement benefits that a member may receive if a retirement system is to maintain its tax-qualified status and may require that benefits from different retirement plans maintained by the same employer be aggregated.This bill, for purposes of the above-described retirement systems, would prescribe the method by which benefits are to be reduced when federal law requires aggregation of benefits from different plans maintained by the same employer and federal limits on benefits are reached. The bill would make findings and declarations regarding the intent of the Legislature to address the Judges Retirement System II, as specified.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 9395.07 is added to the Government Code, to read:9395.07. If a member participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.SEC. 2. Section 21754 of the Government Code is amended to read:21754. (a) Except as provided in subdivision (b), in addition to the benefit limitations specified in this part, if a member participates in other defined benefit plans maintained by the employer, to the extent the aggregation of benefits payable under those plans and pursuant to Part 3 (commencing with Section 20000) are subject to and exceed the limits prescribed by Section 415 of Title 26 of the United States Code, the benefits payable pursuant to the other defined benefit plans maintained by the employer shall be reduced, but not below zero, to the extent necessary to satisfy Section 415, before adjustments to the benefits provided under Part 3 are made.(b) If a member participates in the Legislators Retirement System (Chapter 3.5 (commencing with Section 9350) of Part 1 of Division 2), the Judges Retirement System (Chapter 11 (commencing with Section 75000) of Title 8), or the Judges Retirement System II (Chapter 11.5 (commencing with Section 75500) of Title 8), or to the extent the benefits payable under those systems and pursuant to this part are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable pursuant to this part shall be reduced, but not below zero, to the extent necessary to satisfy Section 415 of Title 26 of the United States Code, before adjustments to the benefits provided under the Legislators Retirement System, the Judges Retirement System, the Judges Retirement System II, as applicable, are made.(c) Nothing in this section shall limit a members entitlement to replacement benefits as provided by Section 21757.SEC. 3. Section 75075.04 is added to the Government Code, to read:75075.04. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.SEC. 4. Section 75527.1 is added to the Government Code, to read:75527.1. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.SEC. 5. The Legislature finds and declares it is the intent of the Legislature to address the Judges Retirement System II (JRS II) by providing all of the following options on a cost-neutral, actuarially determined basis for judges who are at least 60 years of age and have at least 15 years of service:(a) Allow a judge to immediately leave service and be eligible for a defined benefit.(b) Allow a judge to retire and defer receipt of a defined benefit until full retirement age.(c) Allow a judge to retire and defer receipt of a defined benefit beyond full retirement age for a period of time determined to be actuarially cost neutral in order to receive their JRS II benefit without reduction.
Amended IN Senate June 22, 2022 Amended IN Assembly March 17, 2022 CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 2443Introduced by Assembly Member CooleyFebruary 17, 2022An act to amend Section 21754 of, and to add Sections 9395.07, 75075.04, and 75527.1 to, the Government Code, relating to retirement.LEGISLATIVE COUNSEL'S DIGESTAB 2443, as amended, Cooley. Public employees retirement: federal law: limitation on benefits.Existing law establishes the Legislators Retirement System, Public Employees Retirement System, the Judges Retirement System, and the Judges Retirement System II, all of which provide retirement and other benefits to their respective members and are administered by the Board of Administration of the Public Employees Retirement System. Existing federal law prescribes limits on the amount of retirement benefits that a member may receive if a retirement system is to maintain its tax-qualified status and may require that benefits from different retirement plans maintained by the same employer be aggregated.This bill, for purposes of the above-described retirement systems, would prescribe the method by which benefits are to be reduced when federal law requires aggregation of benefits from different plans maintained by the same employer and federal limits on benefits are reached. The bill would make findings and declarations regarding the intent of the Legislature to address the Judges Retirement System II, as specified.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
Amended IN Senate June 22, 2022 Amended IN Assembly March 17, 2022
Amended IN Senate June 22, 2022
Amended IN Assembly March 17, 2022
CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION
Assembly Bill
No. 2443
Introduced by Assembly Member CooleyFebruary 17, 2022
Introduced by Assembly Member Cooley
February 17, 2022
An act to amend Section 21754 of, and to add Sections 9395.07, 75075.04, and 75527.1 to, the Government Code, relating to retirement.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 2443, as amended, Cooley. Public employees retirement: federal law: limitation on benefits.
Existing law establishes the Legislators Retirement System, Public Employees Retirement System, the Judges Retirement System, and the Judges Retirement System II, all of which provide retirement and other benefits to their respective members and are administered by the Board of Administration of the Public Employees Retirement System. Existing federal law prescribes limits on the amount of retirement benefits that a member may receive if a retirement system is to maintain its tax-qualified status and may require that benefits from different retirement plans maintained by the same employer be aggregated.This bill, for purposes of the above-described retirement systems, would prescribe the method by which benefits are to be reduced when federal law requires aggregation of benefits from different plans maintained by the same employer and federal limits on benefits are reached. The bill would make findings and declarations regarding the intent of the Legislature to address the Judges Retirement System II, as specified.
Existing law establishes the Legislators Retirement System, Public Employees Retirement System, the Judges Retirement System, and the Judges Retirement System II, all of which provide retirement and other benefits to their respective members and are administered by the Board of Administration of the Public Employees Retirement System. Existing federal law prescribes limits on the amount of retirement benefits that a member may receive if a retirement system is to maintain its tax-qualified status and may require that benefits from different retirement plans maintained by the same employer be aggregated.
This bill, for purposes of the above-described retirement systems, would prescribe the method by which benefits are to be reduced when federal law requires aggregation of benefits from different plans maintained by the same employer and federal limits on benefits are reached. The bill would make findings and declarations regarding the intent of the Legislature to address the Judges Retirement System II, as specified.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 9395.07 is added to the Government Code, to read:9395.07. If a member participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.SEC. 2. Section 21754 of the Government Code is amended to read:21754. (a) Except as provided in subdivision (b), in addition to the benefit limitations specified in this part, if a member participates in other defined benefit plans maintained by the employer, to the extent the aggregation of benefits payable under those plans and pursuant to Part 3 (commencing with Section 20000) are subject to and exceed the limits prescribed by Section 415 of Title 26 of the United States Code, the benefits payable pursuant to the other defined benefit plans maintained by the employer shall be reduced, but not below zero, to the extent necessary to satisfy Section 415, before adjustments to the benefits provided under Part 3 are made.(b) If a member participates in the Legislators Retirement System (Chapter 3.5 (commencing with Section 9350) of Part 1 of Division 2), the Judges Retirement System (Chapter 11 (commencing with Section 75000) of Title 8), or the Judges Retirement System II (Chapter 11.5 (commencing with Section 75500) of Title 8), or to the extent the benefits payable under those systems and pursuant to this part are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable pursuant to this part shall be reduced, but not below zero, to the extent necessary to satisfy Section 415 of Title 26 of the United States Code, before adjustments to the benefits provided under the Legislators Retirement System, the Judges Retirement System, the Judges Retirement System II, as applicable, are made.(c) Nothing in this section shall limit a members entitlement to replacement benefits as provided by Section 21757.SEC. 3. Section 75075.04 is added to the Government Code, to read:75075.04. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.SEC. 4. Section 75527.1 is added to the Government Code, to read:75527.1. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.SEC. 5. The Legislature finds and declares it is the intent of the Legislature to address the Judges Retirement System II (JRS II) by providing all of the following options on a cost-neutral, actuarially determined basis for judges who are at least 60 years of age and have at least 15 years of service:(a) Allow a judge to immediately leave service and be eligible for a defined benefit.(b) Allow a judge to retire and defer receipt of a defined benefit until full retirement age.(c) Allow a judge to retire and defer receipt of a defined benefit beyond full retirement age for a period of time determined to be actuarially cost neutral in order to receive their JRS II benefit without reduction.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 9395.07 is added to the Government Code, to read:9395.07. If a member participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
SECTION 1. Section 9395.07 is added to the Government Code, to read:
### SECTION 1.
9395.07. If a member participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
9395.07. If a member participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
9395.07. If a member participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
9395.07. If a member participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
SEC. 2. Section 21754 of the Government Code is amended to read:21754. (a) Except as provided in subdivision (b), in addition to the benefit limitations specified in this part, if a member participates in other defined benefit plans maintained by the employer, to the extent the aggregation of benefits payable under those plans and pursuant to Part 3 (commencing with Section 20000) are subject to and exceed the limits prescribed by Section 415 of Title 26 of the United States Code, the benefits payable pursuant to the other defined benefit plans maintained by the employer shall be reduced, but not below zero, to the extent necessary to satisfy Section 415, before adjustments to the benefits provided under Part 3 are made.(b) If a member participates in the Legislators Retirement System (Chapter 3.5 (commencing with Section 9350) of Part 1 of Division 2), the Judges Retirement System (Chapter 11 (commencing with Section 75000) of Title 8), or the Judges Retirement System II (Chapter 11.5 (commencing with Section 75500) of Title 8), or to the extent the benefits payable under those systems and pursuant to this part are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable pursuant to this part shall be reduced, but not below zero, to the extent necessary to satisfy Section 415 of Title 26 of the United States Code, before adjustments to the benefits provided under the Legislators Retirement System, the Judges Retirement System, the Judges Retirement System II, as applicable, are made.(c) Nothing in this section shall limit a members entitlement to replacement benefits as provided by Section 21757.
SEC. 2. Section 21754 of the Government Code is amended to read:
### SEC. 2.
21754. (a) Except as provided in subdivision (b), in addition to the benefit limitations specified in this part, if a member participates in other defined benefit plans maintained by the employer, to the extent the aggregation of benefits payable under those plans and pursuant to Part 3 (commencing with Section 20000) are subject to and exceed the limits prescribed by Section 415 of Title 26 of the United States Code, the benefits payable pursuant to the other defined benefit plans maintained by the employer shall be reduced, but not below zero, to the extent necessary to satisfy Section 415, before adjustments to the benefits provided under Part 3 are made.(b) If a member participates in the Legislators Retirement System (Chapter 3.5 (commencing with Section 9350) of Part 1 of Division 2), the Judges Retirement System (Chapter 11 (commencing with Section 75000) of Title 8), or the Judges Retirement System II (Chapter 11.5 (commencing with Section 75500) of Title 8), or to the extent the benefits payable under those systems and pursuant to this part are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable pursuant to this part shall be reduced, but not below zero, to the extent necessary to satisfy Section 415 of Title 26 of the United States Code, before adjustments to the benefits provided under the Legislators Retirement System, the Judges Retirement System, the Judges Retirement System II, as applicable, are made.(c) Nothing in this section shall limit a members entitlement to replacement benefits as provided by Section 21757.
21754. (a) Except as provided in subdivision (b), in addition to the benefit limitations specified in this part, if a member participates in other defined benefit plans maintained by the employer, to the extent the aggregation of benefits payable under those plans and pursuant to Part 3 (commencing with Section 20000) are subject to and exceed the limits prescribed by Section 415 of Title 26 of the United States Code, the benefits payable pursuant to the other defined benefit plans maintained by the employer shall be reduced, but not below zero, to the extent necessary to satisfy Section 415, before adjustments to the benefits provided under Part 3 are made.(b) If a member participates in the Legislators Retirement System (Chapter 3.5 (commencing with Section 9350) of Part 1 of Division 2), the Judges Retirement System (Chapter 11 (commencing with Section 75000) of Title 8), or the Judges Retirement System II (Chapter 11.5 (commencing with Section 75500) of Title 8), or to the extent the benefits payable under those systems and pursuant to this part are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable pursuant to this part shall be reduced, but not below zero, to the extent necessary to satisfy Section 415 of Title 26 of the United States Code, before adjustments to the benefits provided under the Legislators Retirement System, the Judges Retirement System, the Judges Retirement System II, as applicable, are made.(c) Nothing in this section shall limit a members entitlement to replacement benefits as provided by Section 21757.
21754. (a) Except as provided in subdivision (b), in addition to the benefit limitations specified in this part, if a member participates in other defined benefit plans maintained by the employer, to the extent the aggregation of benefits payable under those plans and pursuant to Part 3 (commencing with Section 20000) are subject to and exceed the limits prescribed by Section 415 of Title 26 of the United States Code, the benefits payable pursuant to the other defined benefit plans maintained by the employer shall be reduced, but not below zero, to the extent necessary to satisfy Section 415, before adjustments to the benefits provided under Part 3 are made.(b) If a member participates in the Legislators Retirement System (Chapter 3.5 (commencing with Section 9350) of Part 1 of Division 2), the Judges Retirement System (Chapter 11 (commencing with Section 75000) of Title 8), or the Judges Retirement System II (Chapter 11.5 (commencing with Section 75500) of Title 8), or to the extent the benefits payable under those systems and pursuant to this part are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable pursuant to this part shall be reduced, but not below zero, to the extent necessary to satisfy Section 415 of Title 26 of the United States Code, before adjustments to the benefits provided under the Legislators Retirement System, the Judges Retirement System, the Judges Retirement System II, as applicable, are made.(c) Nothing in this section shall limit a members entitlement to replacement benefits as provided by Section 21757.
21754. (a) Except as provided in subdivision (b), in addition to the benefit limitations specified in this part, if a member participates in other defined benefit plans maintained by the employer, to the extent the aggregation of benefits payable under those plans and pursuant to Part 3 (commencing with Section 20000) are subject to and exceed the limits prescribed by Section 415 of Title 26 of the United States Code, the benefits payable pursuant to the other defined benefit plans maintained by the employer shall be reduced, but not below zero, to the extent necessary to satisfy Section 415, before adjustments to the benefits provided under Part 3 are made.
(b) If a member participates in the Legislators Retirement System (Chapter 3.5 (commencing with Section 9350) of Part 1 of Division 2), the Judges Retirement System (Chapter 11 (commencing with Section 75000) of Title 8), or the Judges Retirement System II (Chapter 11.5 (commencing with Section 75500) of Title 8), or to the extent the benefits payable under those systems and pursuant to this part are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code, and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable pursuant to this part shall be reduced, but not below zero, to the extent necessary to satisfy Section 415 of Title 26 of the United States Code, before adjustments to the benefits provided under the Legislators Retirement System, the Judges Retirement System, the Judges Retirement System II, as applicable, are made.
(c) Nothing in this section shall limit a members entitlement to replacement benefits as provided by Section 21757.
SEC. 3. Section 75075.04 is added to the Government Code, to read:75075.04. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
SEC. 3. Section 75075.04 is added to the Government Code, to read:
### SEC. 3.
75075.04. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
75075.04. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
75075.04. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
75075.04. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
SEC. 4. Section 75527.1 is added to the Government Code, to read:75527.1. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
SEC. 4. Section 75527.1 is added to the Government Code, to read:
### SEC. 4.
75527.1. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
75527.1. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
75527.1. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
75527.1. If a judge participates in the Public Employees Retirement System (Part 3 (commencing with Section 20000) of Division 5 of Title 2), to the extent the benefits payable under that system and pursuant to this chapter are required to be aggregated pursuant to Section 415 of Title 26 of the United States Code and are subject to and exceed the limits prescribed in Section 415 of Title 26 of the United States Code, the benefits payable shall be reduced as provided in subdivision (b) of Section 21754.
SEC. 5. The Legislature finds and declares it is the intent of the Legislature to address the Judges Retirement System II (JRS II) by providing all of the following options on a cost-neutral, actuarially determined basis for judges who are at least 60 years of age and have at least 15 years of service:(a) Allow a judge to immediately leave service and be eligible for a defined benefit.(b) Allow a judge to retire and defer receipt of a defined benefit until full retirement age.(c) Allow a judge to retire and defer receipt of a defined benefit beyond full retirement age for a period of time determined to be actuarially cost neutral in order to receive their JRS II benefit without reduction.
SEC. 5. The Legislature finds and declares it is the intent of the Legislature to address the Judges Retirement System II (JRS II) by providing all of the following options on a cost-neutral, actuarially determined basis for judges who are at least 60 years of age and have at least 15 years of service:(a) Allow a judge to immediately leave service and be eligible for a defined benefit.(b) Allow a judge to retire and defer receipt of a defined benefit until full retirement age.(c) Allow a judge to retire and defer receipt of a defined benefit beyond full retirement age for a period of time determined to be actuarially cost neutral in order to receive their JRS II benefit without reduction.
SEC. 5. The Legislature finds and declares it is the intent of the Legislature to address the Judges Retirement System II (JRS II) by providing all of the following options on a cost-neutral, actuarially determined basis for judges who are at least 60 years of age and have at least 15 years of service:
### SEC. 5.
(a) Allow a judge to immediately leave service and be eligible for a defined benefit.
(b) Allow a judge to retire and defer receipt of a defined benefit until full retirement age.
(c) Allow a judge to retire and defer receipt of a defined benefit beyond full retirement age for a period of time determined to be actuarially cost neutral in order to receive their JRS II benefit without reduction.