(a) On and after January 1, 2024, a judge who is not eligible to retire pursuant to Section 75522, in lieu of receiving their monetary credits pursuant to subdivision (b) of Section 75521, may elect to retire pursuant to this section, notwithstanding Section 7522.44, upon satisfying the eligibility requirements of this section. Retirement pursuant to this section shall be considered a service retirement for the purposes of Section 75580.5.

(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) Subject to the limits described in subdivision (g), 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 judge’s 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 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 judge’s date of retirement is prior to the judge’s 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 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 judge’s date of retirement is prior to the judge’s full retirement age. The benefit factor for a judge electing to retire pursuant to this paragraph equals 3.75 percent.

(g) (1) In no event shall the retirement allowance under this section calculated at the time of retirement exceed 75 percent of the judge’s final compensation.

(2) The calculation of the retirement allowance under this section shall not include more than 20 years of service.

(h) A monthly allowance or optional settlement payable under this chapter to a surviving spouse of a judge who elected to retire pursuant to this section, and who died before receiving a retirement allowance, shall begin the date the judge would have been eligible to receive a retirement allowance under this section and shall continue until the death of the surviving spouse.

(i) This section shall only apply to judges who retire pursuant to this section before January 1, 2029.

(Amended by Stats. 2023, Ch. 159, Sec. 22. (SB 885) Effective January 1, 2024.)