txt

HB 340: "An Act relating to the amount of retirement pay received by certain justices and judges under the judicial retirement system; and providing for an effective date."

00                             HOUSE BILL NO. 340                                                                          
01 "An Act relating to the amount of retirement pay received by certain justices and judges                                
02 under the judicial retirement system; and providing for an effective date."                                             
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 22.25.020 is amended to read:                                                                      
05            Sec. 22.25.020.  Retirement pay. Except as provided in AS 22.25.023(b), a                                  
06       retired justice or judge eligible for retirement pay shall receive from the date of                               
07       eligibility until death monthly retirement pay equal to five percent for each [PER]                           
08       year of service, to a maximum of 75 percent, of the monthly salary authorized for the                         
09       justice or judge [JUSTICES AND JUDGES], respectively, on the date that justice                            
10       or judge was appointed to retirement under this chapter [AT THE TIME EACH                                     
11       RETIREMENT PAYMENT IS MADE]. For a justice or judge who was first                                                 
12       employed in this retirement system on or after July 1, 1996, base annual salary does                              
13       not include remuneration in excess of the limitations set out in 26 U.S.C. 401(a)(17)                             
14       (Internal Revenue Code).                                                                                          
01    * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to                          
02 read:                                                                                                                   
03       APPLICABILITY:  AS 22.25.020, as amended by sec. 1 of this Act, applies to                                        
04 justices and judges who are first employed in the judicial retirement system in AS 22.25 on or                          
05 after the effective date of this Act.                                                                                   
06    * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).