2023 New Mexico Statutes › Chapter 10 - Public Officers and Employees › Article 11 - Retirement of Public Officers and Employees Generally › Section 10-11-26.6 - State general member coverage plan 3; state contribution rate.

The state shall contribute the following percentages of the salary of each member covered by state general member coverage plan 3 starting with the first pay period that ends within the calendar month in which state general member coverage plan 3 becomes applicable to the member:
A. beginning July 1, 2020 and continuing through June 30, 2021, seventeen and seventy-four hundredths percent of salary;
B. beginning July 1, 2021 and continuing through June 30, 2022, eighteen and twenty-four hundredths percent of salary;
C. beginning July 1, 2022 and continuing through June 30, 2023, eighteen and seventy-four hundredths percent of salary; and
D. beginning July 1, 2023 and thereafter, nineteen and twenty-four hundredths percent of salary.
History:
Laws 1994, ch. 128, § 7; 2009, ch. 127, § 2; 2011, ch. 178, § 2; 2013, ch. 225, § 13; 2019, ch. 237, § 1; 2020, ch. 11, § 6.
ANNOTATIONS
The 2020 amendment,
effective July 1, 2020, increased the state contribution rate by .5 percent each year for four years; in the introductory clause, after "shall contribute", deleted "seventeen and twenty-four hundredths percent" and added "the following percentages"; and added Subsections A through D.
The 2019 amendment,
effective July 1, 2019, increased employer contribution rates to the funds included under the Public Employees Retirement Act; after "shall contribute", deleted "sixteen and ninety nine" and added "seventeen and twenty-four", and after "applicable to the member", deleted "except that, from July 1, 2013 through June 30, 2014, the state contribution rate shall be sixteen and fifty-nine hundredths percent of the salary of each member".
The 2013 amendment,
effective July 1, 2013, increased the employer contribution rate; after "contribute sixteen and", deleted "fifty-nine hundredths" and added "ninety-nine hundredths"; after "except that", deleted "for members whose annual salary is greater than twenty thousand dollars ($20,000)" and added the remainder of the sentence; and deleted former Subsections A, B and C, which provided for an employer contribution rate for employees whose annual salary was greater than twenty thousand dollars that ranged from fifteen and nine-hundredths percent beginning July 1, 2009, thirteen and thirty-four hundredths percent beginning July 1, 2011, and eight and fifteen and nine-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, decreased the state contribution rate for the period from July 1, 2011 through June 30, 2012.
Temporary provisions.
— Laws 2011, ch. 178, § 15 provided that for the purposes of calculating employee and employer contributions due after June 30, 2011, in determining whether an employee has an annual salary greater or less than twenty thousand dollars ($20,000), the employee's annual salary shall be the employee's base hourly rate at the time the contribution is made multiplied by the number of compensable hours for a full-time-equivalent in the employee's position at the time the contribution is made as determined by the employer; provided that the department of finance and administration shall determine the number of compensable hours for a full-time-equivalent in the employee's position for employees who are members in a retirement program provided for in the Public Employees Retirement Act, the Magistrate Retirement Act or the Judicial Retirement Act.
Laws 2011, ch. 178, § 16, provided that notwithstanding a provision of Laws 2011, Chapter 178 to the contrary, the employer and employee contribution rates required by this act for the period from July 1, 2011 through June 30, 2012 shall continue for the period from July 1, 2012 through June 30, 2013 if, after the last consensus revenue forecast before the beginning of the second session of the fiftieth legislature, the secretary of finance and administration certifies to the retirement board of the public employees retirement association, the educational retirement board and the legislative finance committee that, according to the consensus revenue forecast:
(1) general fund revenues in fiscal year 2012 will be less than one hundred million dollars ($100,000,000) more than the general fund revenue forecast reflected in the fiscal year 2012 state budget; and
(2) at the end of fiscal year 2012, the total amount in the state reserve funds will be less than five percent of the total general fund appropriations for fiscal year 2012.
The 2009 amendment,
effective July 1, 2009, added the exception at the end of the sentence.