Retirement and Survivors' Annuities for Bankruptcy Judges and Magistrates Act of 1988

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 15 or more years of service, or at least eight years of service, 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 system.

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: (1) may not receive the benefit of any cost-of-living adjustment during the period in which such person practices law until reaching age 70; and (2) no annuity shall accrue or be paid for any such period until such person reaches age 70.

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.