To allow a supreme court justice, court of appeals judge or superior court judge a one-time only participation with state retirement benefits. The bill allows participation of accrual of benefits that equal one and one-half percent of their average final compensation for each year of future service, in place of future employee and employer contributions into the same retirement plans.   Official Text and Analysis.

To change the terms of the purchase of past service from the full actuarial value, one-half paid by the judge and one-half paid by the employer, to 5 percent of the salary earned during the months of service being purchased plus interest. Only 70 percent of a judge's past service may be purchased under the 5 percent formula, and it must be purchased prior to December 31, 2007. Past service purchased after December 31, 2007, is at the actuarial cost of the increase in the value of the member's benefits.

To specify, consistent with the other service credit purchase provisions changed in the bill, that the cost of improving the value of past years of service for district and municipal court judges in the Public Employees' Retirement System (PERS) Plans 1 or 2 is 5 percent of the salary earned in that year, plus interest, for each year purchased. Also specifies that for supreme court, court of appeals, and superior court judges in PERS Plan 3 the cost of improving past service credit is 2.5 percent of salary plus interest for each year purchased.