Fixed-Term Judicial Officers' Retirement Act of 1986

Fixed Term Judicial Officers Retirement Act of 1986 - Amends the judicial code to provide a retirement system for fixed term judicial officers. Provides that annuities shall become payable when the judicial officer attains the age of 65 (unless the judicial officer retires or is removed upon the sole ground of mental or physical disability). Sets forth the method (based on years of service) for determining the amount of such annuities.

Provides that judges retiring prior to the enactment of this Act shall be covered by the existing retirement provisions. States that judges in active service on the effective date of this Act may elect to retire under such prior provisions. Provides that fixed term judicial officers in active service on the effective date of this Act shall be entitled to existing annuities.

Allows the reappointment of a Federal magistrate who has attained the age of 70 by a majority (rather than a unanimous) vote of the appointing courts. Provides that subsequent reappointments must be by unanimous vote.

Allows a retired magistrate to be recalled for service by the chief judge of a district court. Provides that recalled magistrates shall continue to receive their retirement annuity, in addition to certain other expenses.