Retirement
Once a judge meets age and service requirements he or she may retire and will then earn his final salary for the remainder of his or her life, plus cost of living increases. The "Rule of 80" is the commonly used shorthand for the age and service requirement for a judge to retire, or assume senior status, as set forth in Title 28 of the U.S. Code, section 371(c). Beginning at age 65, a judge may retire at his current salary, or take senior status, after performing 15 years of active service as an Article III judge (65 + 15 = 80). A sliding scale of increasing age and decreasing service (66 + 14, 67 + 13, 68 + 12, 69 + 11) results in eligibility for retirement compensation at age 70 with a minimum of 10 years of service (70 + 10 = 80).
Under section 376 a survivor's annuity to benefit the widow, widower or minor child of the judge may be purchased via a deduction of 2.2% to 3.5% from the retirement benefit.
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Famous quotes containing the word retirement:
“The student who secures his coveted leisure and retirement by systematically shirking any labor necessary to man obtains but an ignoble and unprofitable leisure, defrauding himself of the experience which alone can make leisure fruitful.”
—Henry David Thoreau (1817–1862)
“Douglas. Now remains a sweet reversion—
We may boldly spend, upon the hope
Of what is to come in.
A comfort of retirement lives in this.
Hotspur. A rendezvous, a home to fly unto.”
—William Shakespeare (1564–1616)
“Convent. A place of retirement for women who wish for leisure to meditate upon the sin of idleness.”
—Ambrose Bierce (1842–1914)