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.