Amended IN Senate August 02, 2022 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 Sections 21754 and 75521 of, and to add Sections 9395.07, 9359.07, 75075.04, 75522.5, 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. benefits: Judges Retirement System II.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.Under existing law, the Judges Retirement System II, a judge is eligible to retire upon attaining both 65 years of age and 20 or more years of service, or upon attaining 70 years of age with a minimum of 5 years of service. Existing law entitles a judge who retires pursuant to this authorization to elect between a specified a monthly retirement allowance for life or certain monetary credits.This bill, on and after January 1, 2024, would authorize a judge who is not eligible to retire pursuant to the provisions described above to elect other specified, monthly retirement allowances. In order to be eligible for these benefits, the bill would require a judge to be at least 60 years of age and have 15 years or more of service or 65 years of age with a minimum of 10 years of service. The retirement allowances prescribed by the bill would be based on a judges final compensation and years of service credit adjusted by certain percentages that vary in relation to full retirement age, as defined. The bill would prohibit a retirement allowance calculated pursuant to these provisions from exceeding, at the time of retirement, 75 percent of a judges final compensation. The bill would prescribe a process for electing these benefits.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.SECTION 1. Section 9359.07 is added to the Government Code, to read:9359.07. 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 75521 of the Government Code is amended to read:75521. (a) A judge who leaves judicial office before accruing at least five years of service shall be paid the amount of his or her their contributions to the system, and no other amount.(b) A judge who leaves judicial office after accruing five or more years of service and who is not eligible to elect to retire under Section 75522 or Section 75522.5 shall be paid the amount of his or her their monetary credits determined pursuant to Section 75520, including the credits added under subdivision (b) of that section computed to the last day of the month preceding the date of distribution, and no other amount.(c) Judges who leave office as described in subdivision (b) are retired judges for purposes of a concurrent retirement with respect to the benefits provided under Section 20639 and assignment pursuant to Article 2 (commencing with Section 68540.7) of Chapter 2 and are eligible for benefits provided under Section 22814.(d) After a judge has withdrawn his or her their accumulated contributions or the amount of his or her their monetary credits upon leaving judicial office, the service shall not count in the event he or she they later becomes become a judge again, until he or she pays they pay into the Judges Retirement System II Fund the amount withdrawn, plus interest thereon at the rate of interest then being required to be paid by members of the Public Employees Retirement System under Section 20750 from the date of withdrawal to the date of payment.SEC. 5. Section 75522.5 is added to the Government Code, to read:75522.5. (a) On and after January 1, 2024, a judge who is not eligible to retire pursuant to Section 75522 may elect to retire pursuant to this section, notwithstanding Section 7522.44, upon satisfying the eligibility requirements of the section.(b) A judge is eligible to retire pursuant to this section upon attaining both 60 years of age and 15 years or more of service, or upon attaining 65 years of age with a minimum of 10 years of service.(c) The office of a judge who retires under this section becomes vacant on the date of retirement.(d) (1) A judge who elects to retire pursuant to this section shall, within 30 days after the effective date of the retirement, elect to receive one of the benefits provided under subdivision (f). Under rules adopted by the board, the time for the election may be extended in cases of illness or other hardship, but once made, the election shall be final and irrevocable.(2) If a retired judge fails or refuses to make an election pursuant to subdivision (f) within the time allowed, the retired judge shall be deemed to have elected to receive a monthly allowance under paragraph (1) of subdivision (f).(e) For purposes of this section, full retirement age means the age and years of service at which a judge would have become eligible to retire under Section 75522 if the judge had continued to accrue years of service credit rather than retire pursuant to this section.(f) A judge who elects to retire under this section shall receive, for life, a monthly retirement allowance equal to the applicable benefit factor multiplied by the judges final compensation multiplied by the number of years of service credit, pursuant to one of the following paragraphs:(1) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age without deferral. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.32 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.(2) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers to full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.07 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.(3) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers past full retirement age. The retirement allowance shall commence on the date the judge attains full retirement age plus an additional 0.22 years for each year the judges date of retirement is prior to the judges full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph equals 3.75 percent.(g) In no event shall the retirement allowance under this section calculated at the time of retirement exceed 75 percent of the judges final compensation.SEC. 4.SEC. 6. 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 August 02, 2022 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 Sections 21754 and 75521 of, and to add Sections 9395.07, 9359.07, 75075.04, 75522.5, 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. benefits: Judges Retirement System II.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.Under existing law, the Judges Retirement System II, a judge is eligible to retire upon attaining both 65 years of age and 20 or more years of service, or upon attaining 70 years of age with a minimum of 5 years of service. Existing law entitles a judge who retires pursuant to this authorization to elect between a specified a monthly retirement allowance for life or certain monetary credits.This bill, on and after January 1, 2024, would authorize a judge who is not eligible to retire pursuant to the provisions described above to elect other specified, monthly retirement allowances. In order to be eligible for these benefits, the bill would require a judge to be at least 60 years of age and have 15 years or more of service or 65 years of age with a minimum of 10 years of service. The retirement allowances prescribed by the bill would be based on a judges final compensation and years of service credit adjusted by certain percentages that vary in relation to full retirement age, as defined. The bill would prohibit a retirement allowance calculated pursuant to these provisions from exceeding, at the time of retirement, 75 percent of a judges final compensation. The bill would prescribe a process for electing these benefits.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
Amended IN Senate August 02, 2022 Amended IN Senate June 22, 2022 Amended IN Assembly March 17, 2022
Amended IN Senate August 02, 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 Sections 21754 and 75521 of, and to add Sections 9395.07, 9359.07, 75075.04, 75522.5, 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. benefits: Judges Retirement System II.
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.Under existing law, the Judges Retirement System II, a judge is eligible to retire upon attaining both 65 years of age and 20 or more years of service, or upon attaining 70 years of age with a minimum of 5 years of service. Existing law entitles a judge who retires pursuant to this authorization to elect between a specified a monthly retirement allowance for life or certain monetary credits.This bill, on and after January 1, 2024, would authorize a judge who is not eligible to retire pursuant to the provisions described above to elect other specified, monthly retirement allowances. In order to be eligible for these benefits, the bill would require a judge to be at least 60 years of age and have 15 years or more of service or 65 years of age with a minimum of 10 years of service. The retirement allowances prescribed by the bill would be based on a judges final compensation and years of service credit adjusted by certain percentages that vary in relation to full retirement age, as defined. The bill would prohibit a retirement allowance calculated pursuant to these provisions from exceeding, at the time of retirement, 75 percent of a judges final compensation. The bill would prescribe a process for electing these 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.
Under existing law, the Judges Retirement System II, a judge is eligible to retire upon attaining both 65 years of age and 20 or more years of service, or upon attaining 70 years of age with a minimum of 5 years of service. Existing law entitles a judge who retires pursuant to this authorization to elect between a specified a monthly retirement allowance for life or certain monetary credits.
This bill, on and after January 1, 2024, would authorize a judge who is not eligible to retire pursuant to the provisions described above to elect other specified, monthly retirement allowances. In order to be eligible for these benefits, the bill would require a judge to be at least 60 years of age and have 15 years or more of service or 65 years of age with a minimum of 10 years of service. The retirement allowances prescribed by the bill would be based on a judges final compensation and years of service credit adjusted by certain percentages that vary in relation to full retirement age, as defined. The bill would prohibit a retirement allowance calculated pursuant to these provisions from exceeding, at the time of retirement, 75 percent of a judges final compensation. The bill would prescribe a process for electing these benefits.
## 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.SECTION 1. Section 9359.07 is added to the Government Code, to read:9359.07. 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 75521 of the Government Code is amended to read:75521. (a) A judge who leaves judicial office before accruing at least five years of service shall be paid the amount of his or her their contributions to the system, and no other amount.(b) A judge who leaves judicial office after accruing five or more years of service and who is not eligible to elect to retire under Section 75522 or Section 75522.5 shall be paid the amount of his or her their monetary credits determined pursuant to Section 75520, including the credits added under subdivision (b) of that section computed to the last day of the month preceding the date of distribution, and no other amount.(c) Judges who leave office as described in subdivision (b) are retired judges for purposes of a concurrent retirement with respect to the benefits provided under Section 20639 and assignment pursuant to Article 2 (commencing with Section 68540.7) of Chapter 2 and are eligible for benefits provided under Section 22814.(d) After a judge has withdrawn his or her their accumulated contributions or the amount of his or her their monetary credits upon leaving judicial office, the service shall not count in the event he or she they later becomes become a judge again, until he or she pays they pay into the Judges Retirement System II Fund the amount withdrawn, plus interest thereon at the rate of interest then being required to be paid by members of the Public Employees Retirement System under Section 20750 from the date of withdrawal to the date of payment.SEC. 5. Section 75522.5 is added to the Government Code, to read:75522.5. (a) On and after January 1, 2024, a judge who is not eligible to retire pursuant to Section 75522 may elect to retire pursuant to this section, notwithstanding Section 7522.44, upon satisfying the eligibility requirements of the section.(b) A judge is eligible to retire pursuant to this section upon attaining both 60 years of age and 15 years or more of service, or upon attaining 65 years of age with a minimum of 10 years of service.(c) The office of a judge who retires under this section becomes vacant on the date of retirement.(d) (1) A judge who elects to retire pursuant to this section shall, within 30 days after the effective date of the retirement, elect to receive one of the benefits provided under subdivision (f). Under rules adopted by the board, the time for the election may be extended in cases of illness or other hardship, but once made, the election shall be final and irrevocable.(2) If a retired judge fails or refuses to make an election pursuant to subdivision (f) within the time allowed, the retired judge shall be deemed to have elected to receive a monthly allowance under paragraph (1) of subdivision (f).(e) For purposes of this section, full retirement age means the age and years of service at which a judge would have become eligible to retire under Section 75522 if the judge had continued to accrue years of service credit rather than retire pursuant to this section.(f) A judge who elects to retire under this section shall receive, for life, a monthly retirement allowance equal to the applicable benefit factor multiplied by the judges final compensation multiplied by the number of years of service credit, pursuant to one of the following paragraphs:(1) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age without deferral. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.32 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.(2) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers to full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.07 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.(3) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers past full retirement age. The retirement allowance shall commence on the date the judge attains full retirement age plus an additional 0.22 years for each year the judges date of retirement is prior to the judges full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph equals 3.75 percent.(g) In no event shall the retirement allowance under this section calculated at the time of retirement exceed 75 percent of the judges final compensation.SEC. 4.SEC. 6. 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 9359.07 is added to the Government Code, to read:9359.07. 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 9359.07 is added to the Government Code, to read:
### SECTION 1.
9359.07. 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.
9359.07. 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.
9359.07. 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.
9359.07. 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 75521 of the Government Code is amended to read:75521. (a) A judge who leaves judicial office before accruing at least five years of service shall be paid the amount of his or her their contributions to the system, and no other amount.(b) A judge who leaves judicial office after accruing five or more years of service and who is not eligible to elect to retire under Section 75522 or Section 75522.5 shall be paid the amount of his or her their monetary credits determined pursuant to Section 75520, including the credits added under subdivision (b) of that section computed to the last day of the month preceding the date of distribution, and no other amount.(c) Judges who leave office as described in subdivision (b) are retired judges for purposes of a concurrent retirement with respect to the benefits provided under Section 20639 and assignment pursuant to Article 2 (commencing with Section 68540.7) of Chapter 2 and are eligible for benefits provided under Section 22814.(d) After a judge has withdrawn his or her their accumulated contributions or the amount of his or her their monetary credits upon leaving judicial office, the service shall not count in the event he or she they later becomes become a judge again, until he or she pays they pay into the Judges Retirement System II Fund the amount withdrawn, plus interest thereon at the rate of interest then being required to be paid by members of the Public Employees Retirement System under Section 20750 from the date of withdrawal to the date of payment.
SEC. 4. Section 75521 of the Government Code is amended to read:
### SEC. 4.
75521. (a) A judge who leaves judicial office before accruing at least five years of service shall be paid the amount of his or her their contributions to the system, and no other amount.(b) A judge who leaves judicial office after accruing five or more years of service and who is not eligible to elect to retire under Section 75522 or Section 75522.5 shall be paid the amount of his or her their monetary credits determined pursuant to Section 75520, including the credits added under subdivision (b) of that section computed to the last day of the month preceding the date of distribution, and no other amount.(c) Judges who leave office as described in subdivision (b) are retired judges for purposes of a concurrent retirement with respect to the benefits provided under Section 20639 and assignment pursuant to Article 2 (commencing with Section 68540.7) of Chapter 2 and are eligible for benefits provided under Section 22814.(d) After a judge has withdrawn his or her their accumulated contributions or the amount of his or her their monetary credits upon leaving judicial office, the service shall not count in the event he or she they later becomes become a judge again, until he or she pays they pay into the Judges Retirement System II Fund the amount withdrawn, plus interest thereon at the rate of interest then being required to be paid by members of the Public Employees Retirement System under Section 20750 from the date of withdrawal to the date of payment.
75521. (a) A judge who leaves judicial office before accruing at least five years of service shall be paid the amount of his or her their contributions to the system, and no other amount.(b) A judge who leaves judicial office after accruing five or more years of service and who is not eligible to elect to retire under Section 75522 or Section 75522.5 shall be paid the amount of his or her their monetary credits determined pursuant to Section 75520, including the credits added under subdivision (b) of that section computed to the last day of the month preceding the date of distribution, and no other amount.(c) Judges who leave office as described in subdivision (b) are retired judges for purposes of a concurrent retirement with respect to the benefits provided under Section 20639 and assignment pursuant to Article 2 (commencing with Section 68540.7) of Chapter 2 and are eligible for benefits provided under Section 22814.(d) After a judge has withdrawn his or her their accumulated contributions or the amount of his or her their monetary credits upon leaving judicial office, the service shall not count in the event he or she they later becomes become a judge again, until he or she pays they pay into the Judges Retirement System II Fund the amount withdrawn, plus interest thereon at the rate of interest then being required to be paid by members of the Public Employees Retirement System under Section 20750 from the date of withdrawal to the date of payment.
75521. (a) A judge who leaves judicial office before accruing at least five years of service shall be paid the amount of his or her their contributions to the system, and no other amount.(b) A judge who leaves judicial office after accruing five or more years of service and who is not eligible to elect to retire under Section 75522 or Section 75522.5 shall be paid the amount of his or her their monetary credits determined pursuant to Section 75520, including the credits added under subdivision (b) of that section computed to the last day of the month preceding the date of distribution, and no other amount.(c) Judges who leave office as described in subdivision (b) are retired judges for purposes of a concurrent retirement with respect to the benefits provided under Section 20639 and assignment pursuant to Article 2 (commencing with Section 68540.7) of Chapter 2 and are eligible for benefits provided under Section 22814.(d) After a judge has withdrawn his or her their accumulated contributions or the amount of his or her their monetary credits upon leaving judicial office, the service shall not count in the event he or she they later becomes become a judge again, until he or she pays they pay into the Judges Retirement System II Fund the amount withdrawn, plus interest thereon at the rate of interest then being required to be paid by members of the Public Employees Retirement System under Section 20750 from the date of withdrawal to the date of payment.
75521. (a) A judge who leaves judicial office before accruing at least five years of service shall be paid the amount of his or her their contributions to the system, and no other amount.
(b) A judge who leaves judicial office after accruing five or more years of service and who is not eligible to elect to retire under Section 75522 or Section 75522.5 shall be paid the amount of his or her their monetary credits determined pursuant to Section 75520, including the credits added under subdivision (b) of that section computed to the last day of the month preceding the date of distribution, and no other amount.
(c) Judges who leave office as described in subdivision (b) are retired judges for purposes of a concurrent retirement with respect to the benefits provided under Section 20639 and assignment pursuant to Article 2 (commencing with Section 68540.7) of Chapter 2 and are eligible for benefits provided under Section 22814.
(d) After a judge has withdrawn his or her their accumulated contributions or the amount of his or her their monetary credits upon leaving judicial office, the service shall not count in the event he or she they later becomes become a judge again, until he or she pays they pay into the Judges Retirement System II Fund the amount withdrawn, plus interest thereon at the rate of interest then being required to be paid by members of the Public Employees Retirement System under Section 20750 from the date of withdrawal to the date of payment.
SEC. 5. Section 75522.5 is added to the Government Code, to read:75522.5. (a) On and after January 1, 2024, a judge who is not eligible to retire pursuant to Section 75522 may elect to retire pursuant to this section, notwithstanding Section 7522.44, upon satisfying the eligibility requirements of the section.(b) A judge is eligible to retire pursuant to this section upon attaining both 60 years of age and 15 years or more of service, or upon attaining 65 years of age with a minimum of 10 years of service.(c) The office of a judge who retires under this section becomes vacant on the date of retirement.(d) (1) A judge who elects to retire pursuant to this section shall, within 30 days after the effective date of the retirement, elect to receive one of the benefits provided under subdivision (f). Under rules adopted by the board, the time for the election may be extended in cases of illness or other hardship, but once made, the election shall be final and irrevocable.(2) If a retired judge fails or refuses to make an election pursuant to subdivision (f) within the time allowed, the retired judge shall be deemed to have elected to receive a monthly allowance under paragraph (1) of subdivision (f).(e) For purposes of this section, full retirement age means the age and years of service at which a judge would have become eligible to retire under Section 75522 if the judge had continued to accrue years of service credit rather than retire pursuant to this section.(f) A judge who elects to retire under this section shall receive, for life, a monthly retirement allowance equal to the applicable benefit factor multiplied by the judges final compensation multiplied by the number of years of service credit, pursuant to one of the following paragraphs:(1) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age without deferral. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.32 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.(2) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers to full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.07 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.(3) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers past full retirement age. The retirement allowance shall commence on the date the judge attains full retirement age plus an additional 0.22 years for each year the judges date of retirement is prior to the judges full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph equals 3.75 percent.(g) In no event shall the retirement allowance under this section calculated at the time of retirement exceed 75 percent of the judges final compensation.
SEC. 5. Section 75522.5 is added to the Government Code, to read:
### SEC. 5.
75522.5. (a) On and after January 1, 2024, a judge who is not eligible to retire pursuant to Section 75522 may elect to retire pursuant to this section, notwithstanding Section 7522.44, upon satisfying the eligibility requirements of the section.(b) A judge is eligible to retire pursuant to this section upon attaining both 60 years of age and 15 years or more of service, or upon attaining 65 years of age with a minimum of 10 years of service.(c) The office of a judge who retires under this section becomes vacant on the date of retirement.(d) (1) A judge who elects to retire pursuant to this section shall, within 30 days after the effective date of the retirement, elect to receive one of the benefits provided under subdivision (f). Under rules adopted by the board, the time for the election may be extended in cases of illness or other hardship, but once made, the election shall be final and irrevocable.(2) If a retired judge fails or refuses to make an election pursuant to subdivision (f) within the time allowed, the retired judge shall be deemed to have elected to receive a monthly allowance under paragraph (1) of subdivision (f).(e) For purposes of this section, full retirement age means the age and years of service at which a judge would have become eligible to retire under Section 75522 if the judge had continued to accrue years of service credit rather than retire pursuant to this section.(f) A judge who elects to retire under this section shall receive, for life, a monthly retirement allowance equal to the applicable benefit factor multiplied by the judges final compensation multiplied by the number of years of service credit, pursuant to one of the following paragraphs:(1) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age without deferral. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.32 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.(2) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers to full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.07 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.(3) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers past full retirement age. The retirement allowance shall commence on the date the judge attains full retirement age plus an additional 0.22 years for each year the judges date of retirement is prior to the judges full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph equals 3.75 percent.(g) In no event shall the retirement allowance under this section calculated at the time of retirement exceed 75 percent of the judges final compensation.
75522.5. (a) On and after January 1, 2024, a judge who is not eligible to retire pursuant to Section 75522 may elect to retire pursuant to this section, notwithstanding Section 7522.44, upon satisfying the eligibility requirements of the section.(b) A judge is eligible to retire pursuant to this section upon attaining both 60 years of age and 15 years or more of service, or upon attaining 65 years of age with a minimum of 10 years of service.(c) The office of a judge who retires under this section becomes vacant on the date of retirement.(d) (1) A judge who elects to retire pursuant to this section shall, within 30 days after the effective date of the retirement, elect to receive one of the benefits provided under subdivision (f). Under rules adopted by the board, the time for the election may be extended in cases of illness or other hardship, but once made, the election shall be final and irrevocable.(2) If a retired judge fails or refuses to make an election pursuant to subdivision (f) within the time allowed, the retired judge shall be deemed to have elected to receive a monthly allowance under paragraph (1) of subdivision (f).(e) For purposes of this section, full retirement age means the age and years of service at which a judge would have become eligible to retire under Section 75522 if the judge had continued to accrue years of service credit rather than retire pursuant to this section.(f) A judge who elects to retire under this section shall receive, for life, a monthly retirement allowance equal to the applicable benefit factor multiplied by the judges final compensation multiplied by the number of years of service credit, pursuant to one of the following paragraphs:(1) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age without deferral. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.32 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.(2) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers to full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.07 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.(3) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers past full retirement age. The retirement allowance shall commence on the date the judge attains full retirement age plus an additional 0.22 years for each year the judges date of retirement is prior to the judges full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph equals 3.75 percent.(g) In no event shall the retirement allowance under this section calculated at the time of retirement exceed 75 percent of the judges final compensation.
75522.5. (a) On and after January 1, 2024, a judge who is not eligible to retire pursuant to Section 75522 may elect to retire pursuant to this section, notwithstanding Section 7522.44, upon satisfying the eligibility requirements of the section.(b) A judge is eligible to retire pursuant to this section upon attaining both 60 years of age and 15 years or more of service, or upon attaining 65 years of age with a minimum of 10 years of service.(c) The office of a judge who retires under this section becomes vacant on the date of retirement.(d) (1) A judge who elects to retire pursuant to this section shall, within 30 days after the effective date of the retirement, elect to receive one of the benefits provided under subdivision (f). Under rules adopted by the board, the time for the election may be extended in cases of illness or other hardship, but once made, the election shall be final and irrevocable.(2) If a retired judge fails or refuses to make an election pursuant to subdivision (f) within the time allowed, the retired judge shall be deemed to have elected to receive a monthly allowance under paragraph (1) of subdivision (f).(e) For purposes of this section, full retirement age means the age and years of service at which a judge would have become eligible to retire under Section 75522 if the judge had continued to accrue years of service credit rather than retire pursuant to this section.(f) A judge who elects to retire under this section shall receive, for life, a monthly retirement allowance equal to the applicable benefit factor multiplied by the judges final compensation multiplied by the number of years of service credit, pursuant to one of the following paragraphs:(1) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age without deferral. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.32 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.(2) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers to full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.07 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.(3) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers past full retirement age. The retirement allowance shall commence on the date the judge attains full retirement age plus an additional 0.22 years for each year the judges date of retirement is prior to the judges full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph equals 3.75 percent.(g) In no event shall the retirement allowance under this section calculated at the time of retirement exceed 75 percent of the judges final compensation.
75522.5. (a) On and after January 1, 2024, a judge who is not eligible to retire pursuant to Section 75522 may elect to retire pursuant to this section, notwithstanding Section 7522.44, upon satisfying the eligibility requirements of the section.
(b) A judge is eligible to retire pursuant to this section upon attaining both 60 years of age and 15 years or more of service, or upon attaining 65 years of age with a minimum of 10 years of service.
(c) The office of a judge who retires under this section becomes vacant on the date of retirement.
(d) (1) A judge who elects to retire pursuant to this section shall, within 30 days after the effective date of the retirement, elect to receive one of the benefits provided under subdivision (f). Under rules adopted by the board, the time for the election may be extended in cases of illness or other hardship, but once made, the election shall be final and irrevocable.
(2) If a retired judge fails or refuses to make an election pursuant to subdivision (f) within the time allowed, the retired judge shall be deemed to have elected to receive a monthly allowance under paragraph (1) of subdivision (f).
(e) For purposes of this section, full retirement age means the age and years of service at which a judge would have become eligible to retire under Section 75522 if the judge had continued to accrue years of service credit rather than retire pursuant to this section.
(f) A judge who elects to retire under this section shall receive, for life, a monthly retirement allowance equal to the applicable benefit factor multiplied by the judges final compensation multiplied by the number of years of service credit, pursuant to one of the following paragraphs:
(1) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age without deferral. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.32 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.
(2) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers to full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph shall be a percentage equal to 3.75 reduced by 0.07 for each year, taken to the preceding completed quarter year, the judges date of retirement is prior to the judges full retirement age.
(3) This paragraph shall apply to the retirement allowance of a judge who retires prior to full retirement age and who defers past full retirement age. The retirement allowance shall commence on the date the judge attains full retirement age plus an additional 0.22 years for each year the judges date of retirement is prior to the judges full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph equals 3.75 percent.
(g) In no event shall the retirement allowance under this section calculated at the time of retirement exceed 75 percent of the judges final compensation.
SEC. 4.SEC. 6. 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.SEC. 6. Section 75527.1 is added to the Government Code, to read:
### SEC. 4.SEC. 6.
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.
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.