2023 New Mexico Statutes › Chapter 10 - Public Officers and Employees › Article 11 - Retirement of Public Officers and Employees Generally › Section 10-11-26.5 - State general member coverage plan 3; member contribution rate.

A member under state general member coverage plan 3 shall contribute seven and forty-two hundredths percent of salary starting with the first full pay period that ends within the calendar month in which state general member coverage plan 3 becomes applicable to the member, except that a member whose annual salary is greater than twenty-five thousand dollars ($25,000) shall contribute :
A. beginning July 1, 2020 and continuing through June 30, 2021, nine and forty-two hundredths percent of salary;
B. beginning July 1, 2021 and continuing through June 30, 2022, nine and ninety-two hundredths percent of salary;
C. beginning July 1, 2022 and continuing through June 30, 2023, ten and forty-two hundredths percent of salary; and
D. beginning July 1, 2023 and thereafter, ten and ninety-two hundredths percent of salary.
History:
Laws 1994, ch. 128, § 6; 2009, ch. 127, § 1; 2011, ch. 178, § 1; 2013, ch. 225, § 12; 2020, ch. 11, § 5.
ANNOTATIONS
The 2020 amendment,
effective July 1, 2020, increased member contribution rates by .5 percent each year for four years for members whose annual salary is greater than twenty-five thousand dollars, and increased the salary amount applicable to the increased member contribution rate; in the introductory clause, after "greater than", deleted "twenty thousand dollars ($20,000)" and added "twenty-five thousand dollars ($25,000)", and after "shall contribute", deleted "eight and ninety-two hundredths percent of salary"; and added Subsections A through D.
Temporary provisions.
—
Laws 2020, ch. 11, § 65
provided that on or before May 1, 2021, the retirement board shall conduct an election to submit to adult probation and parole officer members currently contributing under state general member coverage plan 3 the question of adopting state police member, correctional officer member and probation and parole officer member coverage plan 1. The election shall be conducted in accordance with procedures adopted by the retirement board, and the retirement board shall certify the results of the election to the secretary of state on or before July 1, 2021.
Laws 2020, ch. 11, § 66
provided that on or before May 1, 2021, the retirement board shall conduct an election to submit to juvenile probation and parole officer members currently contributing under state general member coverage plan 3 the question of adopting state police member, correctional officer member and probation and parole officer member coverage plan 1. The election shall be conducted in accordance with procedures adopted by the retirement board, and the retirement board shall certify the results of the election to the secretary of state on or before July 1, 2021.
The 2013 amendment,
effective July 1, 2013, increased the employee contribution rate for employees earning more than twenty thousand dollars in salary annually; deleted the entire section, which provided for employee contributions at a rate of seven and forty-two hundredths percent of salary, except for employees whose salary was greater than twenty thousand dollars who were required to pay a rate which ranged from eight and ninety-two hundredths percent beginning July 1, 2009, ten and sixty-seven hundredths percent beginning July 1, 2011, and eight and ninety-two hundredths percent beginning July 1, 2012; and added the current language.
Severability.
— Laws 2013, ch. 225, § 93 provided that if any part or application of Laws 2013, ch. 225 is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2011 amendment,
effective July 1, 2011, for the period from July 1, 2011 through June 30, 2012, increased the member contribution rate for members whose annual salary is more than twenty thousand dollars.
The 2009 amendment,
effective July 1, 2009, added the exception at the end of the sentence.