Legislators\u27 And Judges\u27 Retirement Systems.

LEGISLATORS AND JUDGES\u27 RETIREMENT SYSTEMS. LEGISLATIVE CONSTITUTIONAL AMENDMENT. Limits payment of retirement allowances to members of the Legislators\u27 Retirement System or the Judges\u27 Retirement System, or to their beneficiaries or survivors, to higher of (1) the salary received by the person currently serving in the office in which the retired person served or (2) the highest salary received by the retired person while serving in that office. Limitation on retirement allowances applies only to members entering retirement systems for first time on or after January 1, 1987. Authorizes Legislature to define terms used in the measure. Contains other provisions. Summary of Legislative Analyst\u27s estimate of net state and local government fiscal impact: Current retirees from these programs receive retirement benefit increases based on cost of living. Under this proposal persons entering these retirement systems after January 1, 1987, will receive retirement benefits limited to salaries of like officeholders. Because salary increases are limited by law, this measure could produce minor savings to state in future years if, over a period of time, the rate of inflation exceeds the increases in salaries paid to the current officeholders