HOUSE BILL 469

53rd legislature - STATE OF NEW MEXICO - first session, 2017

INTRODUCED BY

George Dodge, Jr.

AN ACT

RELATING TO RETIREMENT; MODIFYING THE TERMS DETERMINING THE AMOUNTS OF DISTRIBUTIONS TO THE LEGISLATIVE RETIREMENT FUND; SUSPENDING FOR THREE YEARS TRANSFERS TO THE VOLUNTEER FIREFIGHTERS RETIREMENT FUND.

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

     SECTION 1. Section 7-1-6.43 NMSA 1978 (being Laws 2003, Chapter 86, Section 1, as amended) is amended to read:

     "7-1-6.43. DISTRIBUTION TO LEGISLATIVE RETIREMENT FUND.--

          A. A distribution pursuant to Section 7-1-6.1

NMSA 1978 shall be made to the legislative retirement fund in an amount equal to [seventy-five thousand dollars ($75,000) or, if larger] one-twelfth of the amount necessary to pay out the retirement benefits due under state legislator member coverage plan 2 and Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978 for the succeeding calendar year.

          B. In December [2003 and in each December thereafter] of each year, the public employees retirement association, with the assistance of the legislative council service, shall determine the amount of those retirement benefits for the succeeding calendar year. [If the monthly average exceeds seventy-five thousand dollars ($75,000)] The association shall immediately notify [immediately] the department of the [average] amount. That [average] amount divided by twelve shall be [the amount] distributed pursuant to Subsection A of this section [as of] at the end of each [month] of the twelve consecutive months beginning with the December in which the determination was made."

     SECTION 2. Section 10-11A-3 NMSA 1978 (being Laws 1983, Chapter 263, Section 3, as amended) is amended to read:

     "10-11A-3. VOLUNTEER FIREFIGHTERS RETIREMENT FUND--CREATION--TRANSFER OF FUNDS FROM THE FIRE PROTECTION FUND.--

          A. There is created the "volunteer firefighters retirement fund" in the state treasury. All annuities and benefits in lieu of annuities shall be paid from the fund as provided in the Volunteer Firefighters Retirement Act.

          B. Beginning in fiscal year 1998, but not in fiscal years 2018 through 2020, the state treasurer shall transfer annually on or before the last day of July seven hundred fifty thousand dollars ($750,000) plus an additional two hundred fifty thousand dollars ($250,000) for fiscal year 1998 plus an additional two hundred fifty thousand dollars ($250,000) for fiscal year 1999 plus an additional five hundred thousand dollars ($500,000) for fiscal year 2000 from the fire protection fund to the credit of the volunteer firefighters retirement fund."

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