Fiscal impact reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for standing finance committees of the NM Legislature. The LFC does not assume responsibility for the accuracy of these reports if they are used for other purposes.

Current FIRs (in HTML & Adobe PDF formats) are available on the NM Legislative Website (legis.state.nm.us). Adobe PDF versions include all attachments, whereas HTML versions may not. Previously issued FIRs and attachments may also be obtained from the LFC in Suite 101 of the State Capitol Building North.

F I S C A L I M P A C T R E P O R T

SPONSOR	HAFC		DATE TYPED	2/15/04		HB	615/HAFCS
SHORT TITLE		Judicial Retirement Contributions				SB
					ANALYST		Koplik

APPROPRIATION

Appropriation Contained		Estimated Additional Impact		Recurring or Non-Rec	Fund Affected
FY04	FY05	FY04	FY05	Recurring or Non-Rec	Fund Affected
			See Narrative

(Parenthesis ( ) Indicate Expenditure Decreases)

Relates to Appropriation in the General Appropriation Act

REVENUE

Estimated Revenue		Subsequent Years Impact	Recurring or Non-Rec	Fund Affected
FY04	FY05	Subsequent Years Impact	Recurring or Non-Rec	Fund Affected
	$146.8	$146.3	Recurring	PERA

(Parenthesis ( ) Indicate Revenue Decreases)

SOURCES OF INFORMATION

LFC Files

SUMMARY

Synopsis of Bill

House Appropriations and Finance Committee Substitute for House Bill 615 amends the judicial and magistrate retirement acts to increase member contributions from 5 to 6 percent. This increase is contingent upon judges receiving a ten percent salary increase.

Significant Issues

As the General Appropriations Act is currently constructed, judges will receive a 6 percent salary increase, raising district court judges’ salaries to $105.1 per year. This is significantly under the 10 percent raise necessary to trigger the one percent increase in retirement contributions.

FISCAL IMPLICATIONS

A one percent increase in contributions to PERA should result in $146.3 more per year.

SK/yr