SENATE BILL 317

56th legislature - STATE OF NEW MEXICO - first session, 2023

INTRODUCED BY

Stuart Ingle

 

 

 

 

 

AN ACT

MAKING AN APPROPRIATION TO THE MAGISTRATE RETIREMENT FUND TO ADDRESS SOLVENCY ISSUES RELATED TO THE MAGISTRATE RETIREMENT ACT.

 

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

     SECTION 1. APPROPRIATION.--Twenty million dollars ($20,000,000) is appropriated from the general fund to the magistrate retirement fund for expenditure in fiscal year 2024 and subsequent fiscal years to address solvency issues related to the Magistrate Retirement Act. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.

.224469.1SA