Fixed-Term Judicial Officers' Retirement and Recall Act of 1986

Fixed-Term Judicial Officers' Retirement and Recall 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. Sets forth the method (based on years of service) for determining the amount of such annuity. Provides that judicial officers who retire or are removed upon the sole ground of mental or physical disability shall be entitled to reduced annuities.

Allows retired fixed-term judicial officers to be recalled for five years upon certification (by the judicial council of such officer's circuit or the chief judge of the U.S. Claims Court) that substantial service is expected.

Provides that judicial officers who retire prior to the enactment of this Act shall be covered by existing retirement provisions. Provides that judicial officers in active service on the effective date of this Act may elect to retire under such prior provisions.

Increases the term of office: (1) from 14 to 15 years for bankruptcy judges; and (2) from eight to 15 years for Federal magistrates.

Allows the reappointment of Federal magistrates who have attained the age of 70 by a majority (rather than by a unanimous) vote of the appointed courts.