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| SPONSOR: | Jennings | DATE TYPED: | 02/17/01 | HB | |||
| SHORT TITLE: | State Police Member Coverage Plan I | SB | 412 | ||||
| ANALYST: | Eaton | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY01 | FY02 | |||
|
NFI |
||||
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
Public Employees Retirement Association (PERA)
State Personnel Office (SPO)
SUMMARY
This bill is dedicated to Sergeant Brent H. Bateman, who served New Mexico with honor for twenty-two years and who passed away six months after his retirement.
This bill is also dedicated to all other officers who have served, and who do serve, as New Mexico State Police officers.
Synopsis of Bill
This bill expands the State Police Member Coverage Plan 1 to include lieutenants and captains. Currently, this Plan gives enhanced service credit of 1.2 years for each year of service credit to only New Mexico State Police patrolmen and sergeants. Lieutenants and captains contribute the same amount to the Plan but are not eligible for enhanced service credit as are patrolmen and sergeants.
A new section (10-11-27.1) is added to recognize in statute the professionalism and dedication of state police officers who provide an essential service to the citizens of New Mexico.
FISCAL IMPLICATIONS
PERA's Actuaries stated in December of 1999 that the cost of this added benefit is estimated to be 1.0% of payroll of added contributions. However, because of the current funding level of State Police Coverage Plan 1, PERA's Actuaries said that the current contribution rate would not need to be increased to cover the cost of this proposal.
ADMINISTRATIVE IMPLICATIONS
Minimal.
OTHER SUBSTANTIVE ISSUES
Under State Police Member Coverage Plan 1, qualifying state police members are eligible to retire after 20 years and 10 months.
JBE/ar