2023 New Mexico Statutes › Chapter 10 - Public Officers and Employees › Article 11 - Retirement of Public Officers and Employees Generally › Section 10-11-114 - Municipal fire member coverage plan 5; member contribution rate.

A member under municipal fire member coverage plan 5 shall contribute sixteen and two-tenths percent of salary with the first full pay period in the calendar month in which municipal fire member coverage plan 5 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, 2021 and continuing through June 30, 2022, nineteen and two-tenths percent of salary;
B. beginning July 1, 2022 and continuing through June 30, 2023, nineteen and seven-tenths percent of salary;
C. beginning July 1, 2023 and continuing through June 30, 2024, twenty and two-tenths percent of salary;
D. beginning July 1, 2024 and continuing through June 30, 2025, twenty and seven-tenths percent of salary; and
E. beginning July 1, 2025 and thereafter, twenty-one and two-tenths percent of salary.
History:
Laws 1987, ch. 253, § 114; 1998, ch. 114, § 9; 2013, ch. 225, § 85; 2020, ch. 11, § 56; 2021, ch. 38, § 6.
ANNOTATIONS
The 2021 amendment,
effective July 1, 2021, increased employee contribution rates for members under municipal fire member coverage plan 5; in Subsection A, deleted "prior to July 1, 2022, seventeen and seven-tenths" and added "beginning July 1, 2021 and continuing through June 30, 2022, nineteen and two-tenths"; in Subsection B, after "June 30, 2023", changed "eighteen and two-tenths" to "nineteen and seven-tenths"; in Subsection C, after "June 30, 2024", changed "eighteen and seven-tenths" to "twenty and two-tenths"; in Subsection D, after "June 30, 2025", changed "nineteen and two-tenths" to "twenty and seven-tenths"; and in Subsection E, after "thereafter", changed "nineteen and two-tenths" to "twenty and seven-tenths".
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 "seventeen and seven-tenths percent of salary"; and added Subsections A through E.
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 sixteen and two-tenths percent of salary; 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 1998 amendment,
effective May 20, 1998, substituted "sixteen" for "fifteen" near the beginning of the section, and deleted "starting with the first full pay period in the calendar month in which municipal fire member coverage plan 5 becomes applicable to the member" at the end of the section.