0001|                            HOUSE BILL 193
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                              BEN LUJAN
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO PUBLIC EMPLOYEES; PROVIDING FOR PURCHASE OF
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0012|     SERVICE CREDIT FOR RETIREMENT PURPOSES BY CERTAIN PUBLIC
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0013|     EMPLOYEES FOR CERTAIN PRIOR EMPLOYMENT WITH THE UNITED STATES
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0014|     DEPARTMENT OF ENERGY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  Section 10-11-141 NMSA 1978 (being Laws 1993,
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0018|     Chapter 29, Section 1, as amended) is amended to read:
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0019|          "10-11-141.  PURCHASE OF SERVICE CREDIT.--An affiliated
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0020|     public employer that assumes a firefighting function
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0021|     previously provided by the United States ~[government]~
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0022|     |department of energy| may, at the time of the assumption of
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0023|     the firefighting function, provide credited service for
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0024|     retirement board purposes to any employees who were previously
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0025|     employed by a firefighting unit of the United States
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0001|     ~[government]~ |department of energy at the Los Alamos area
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0002|     office| in connection with the assumed firefighting function
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0003|     |or were previously employed as security inspectors in a
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0004|     protective force of the United States department of energy at
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0005|     the Los Alamos area office|.  The credited service may be
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0006|     provided by the affiliated public employer subject to the
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0007|     following conditions:

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0008|               A.  the employee shall pay to the ~[public
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0009|     employees']~ retirement board the difference between the
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0010|     actuarial present value of association benefits likely to be
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0011|     paid the employee computed with and without the United States
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0012|     ~[government]~ |department of energy| service;
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0013|               B.  the employee, within one year of the assumption
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0014|     of the governmental function, irrevocably forfeits all rights
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0015|     based upon employee contributions in and to the immediate
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0016|     vested or nonvested retirement benefits under the retirement
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0017|     program of the United States ~[government]~ |department of
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0018|     energy| in which the employee was participating immediately
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0019|     prior to the assumption of the governmental function; ~[and]~
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0020|               C.  the payments made under Subsections A and B of
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0021|     this section shall be made in a lump sum ~[or by entering into
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0022|     an installment contract for up to thirty-six months with the
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0023|     retirement board at the regular interest rates and under the
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0024|     standard conditions set for such installment contracts by that
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0025|     board]~.  The employee may purchase service credit equivalent
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0001|     to the employee's service in a firefighting unit of the United
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0002|     States department of energy |at the Los Alamos area office or
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0003|     as a security inspector or in a protective force of the United
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0004|     States department of energy at the Los Alamos area office|. 
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0005|     The employee shall make a written election concerning payment
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0006|     |and payment shall be made| not later than December 1,
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0007|     ~[1996]~ |1998|, and any election made thereafter shall be
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0008|     void; |and|
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0009|               |D.  the amount of service credit purchased
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0010|     pursuant to this section shall not exceed five years.|"
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0011|          Section 2.  EFFECTIVE DATE--CONTINGENCY--INTERNAL SERVICE
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0012|     RULING.--The effective date of the provisions of this act is
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0013|     July 1, 1998 unless the public employees retirement
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0014|     association receives an unfavorable ruling relating to the
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0015|     provisions of this act from the internal revenue service.
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0016|                                  
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0017|     
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