Amends the Federal judicial code to make the cost of living adjustments in judicial salaries effective in the first pay period beginning on or after January 1 each year (currently, such adjustments are triggered by General Schedule adjustments). Prohibits the percentage adjustment taking effect in a calendar year, in any salary rate, from exceeding that adjustment taking effect in such year under General Schedule pay rate provisions.
Increases the rate of basic pay for: (1) the Chief Justice of the United States; (2) an Associate Justice of the U.S. Supreme Court; (3) a judge of a U.S. circuit court, a district court, and the U.S. Court of International Trade; (4) a bankruptcy judge; and (5) a full-time magistrate judge.