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   Senate Bill 1946   

Senate Bill 1946

Governor Quinn signed Public Act 96-0889 into law on April 14, 2010 creating a second-tier of benefits for future members of the Judges' Retirement System.

The most significant changes include increasing the minimum retirement age and reducing the retirement formula, maximum benefit & the annual COLA for future members.

This legislation only affects employees hired after December 31, 2010. Current members of JRS are not affected by this legislation!

Benefit Changes Include:

• A judge must be 67 years old with 8 years of service to qualify for a retirement benefit. A judge could retire at age 62 with 8 years of service, but with a significant decrease.

• Provides a retirement formula of 3% of final average salary for each year of service credit, up to a maximum retirement benefit of 60% of the Social Security wage base.

• Calculates retirement benefits on a maximum salary of $106,800. This maximum would increase annually by 3% or the percentage of the Consumer Price Index-U, whichever is less.

• Suspends pension payments during periods of employment with an employer covered by a reciprocal system.

• Increases the number of months used to calculate the final average rate of pay to the highest 96 consecutive months over the last ten years of service.

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