46th legislature - STATE OF NEW MEXICO - first session, 2003

RELATING TO EDUCATIONAL RETIREMENT; INCREASING THE CONTRIBUTION OF LOCAL ADMINISTRATIVE UNITS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 22-11-21 NMSA 1978 (being Laws 1967, Chapter 16, Section 144, as amended) is amended to read:

"22-11-21. CONTRIBUTIONS--MEMBERS--LOCAL ADMINISTRATIVE

UNITS.--

A. Each member shall make contributions to the fund in the amount of seven and six-tenths percent of his annual salary.

B. Until June 30, 1993, each local administrative unit shall make a yearly contribution to the fund of a sum equal to seven and six-tenths percent of the annual salary of each member employed by the local administrative unit.

C. Beginning July 1, 1993 [and thereafter], each local administrative unit shall make a yearly contribution to the fund of a sum equal to eight and sixty-five hundredths percent of the annual salary of each member employed by the local administrative unit.

D. Beginning July 1, 2003 and thereafter, each local administrative unit shall make a yearly contribution to the fund of a sum equal to ten and four-tenths percent of the annual salary of each member employed by the local administrative unit."