Retirement and Survivors' Annuities for Bankruptcy Judges and Magistrates Act of 1988 - Amends Federal law to establish a new retirement system for bankruptcy judges and magistrates with 14 or more years of service (full annuity), or at least eight years of service (reduced annuity), upon attaining age 65. Entitles a bankruptcy judge or magistrate who has served at least five years to disability retirement. Provides for cost-of-living adjustments in such retirement system.
Requires each bankruptcy judge or magistrate who elects an annuity under this Act to notify the Director of the Administrative Office of the United States Courts. Declares that such judge or magistrate shall not be entitled to an annuity under the civil service systems.
Declares this Act applicable to service on or after October 1, 1979.
Provides for making payments which would otherwise be made to a bankruptcy judge or magistrate to another person to the extent provided for under the terms of any court order or court-approved property settlement agreement incident to any court decree of divorce, annulment, or legal separation.
Provides for deducting amounts from the salary of a bankruptcy judge or magistrate who elects an annuity under this Act. Allows such persons to make deposits for prior service.
Declares that a bankruptcy judge or magistrate who retires and thereafter practices law forfeits all rights to an annuity under this Act, unless previously the bankruptcy judge or magistrate filed an election which freezes the annuity. Provides that such annuitants who do practice law are barred from being recalled to service.
Declares that a bankruptcy judge or magistrate who accepts civil office or employment under the Federal Government must forfeit all rights to an annuity during the period of such employment.
Provides for the payment of the lump-sum credit of any bankruptcy judge or magistrate who leaves office prior to such person's eligibility to receive an annuity.
Establishes the Judicial Officers' Retirement Fund for the payment of annuities, refunds, and other payments under this Act. Authorizes appropriations as necessary for the unfunded liability of the Fund.
Establishes transition provisions for incumbent judges and magistrates.
Provides survivors' annuities for bankruptcy judges, magistrates, and incumbents.
Authorizes the recall of retired bankruptcy judges and magistrates into service.
Permits bankruptcy judges and magistrates to continue making contributions to the Thrift Savings Plan but without a matching contribution from the Government.
Requires the Director of the Administrative Office of the United States Courts, not later than five years after the date of enactment of this Act, to report to the Congress on the financial operation of the retirement annuity program.