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AB-1293 Judges’ Retirement System II.(2021-2022)

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Date Published: 02/19/2021 09:00 PM
AB1293:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2021–2022 REGULAR SESSION

Assembly Bill
No. 1293


Introduced by Assembly Member Cooley

February 19, 2021


An act to amend Section 75522 of the Government Code, relating to retirement.


LEGISLATIVE COUNSEL'S DIGEST


AB 1293, as introduced, Cooley. Judges’ Retirement System II.
Existing law establishes the Judges’ Retirement System II, which the Board of Administration of the Public Employees’ Retirement System administers. Existing law authorizes a judge who is a member of the system and who retires 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, to elect from specified retirement benefits, including a monthly pension.
This bill would make nonsubstantive changes to the provisions authorizing a judge to elect retirement benefits described above.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 75522 of the Government Code is amended to read:

75522.
 (a) A judge is eligible to retire pursuant to this section 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 five years of service.
(b) The office of a judge who retires under this section becomes vacant on the date of the retirement.
(c) A judge who retires pursuant to this section shall, within 30 days after the effective date of the retirement, elect to receive either the benefits provided by subdivision (d) or the benefits provided by subdivision (e). 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.
(d) The judge may elect to receive for life a monthly retirement allowance equal to the benefit factor multiplied by the judge’s final compensation multiplied by the number of years of service credit.
(1) The benefit factor for a judge eligible to retire pursuant to this section equals 3.75 percent per year of service.
(2) In no event shall the retirement allowance at the time of retirement exceed 75 percent of the judge’s final compensation.
(e) The judge may elect to receive 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. Under rules adopted by the board, the judge may elect to receive that amount in a single payment, or may direct that it be paid in an annuity of actuarially equivalent value for the judge’s life or in one of the optional forms provided for in Section 75571 if the judge retires on or before December 31, 2017, or Section 75571.5 if the judge retires on or after January 1, 2018.
(f) If a retired judge fails or refuses to make an election pursuant to subdivision (c) within the time allowed, he or she the judge shall be deemed to have elected to receive a monthly retirement allowance under subdivision (d).