SENATE BILL 541

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

Sue Wilson Beffort

AN ACT

RELATING TO EDUCATIONAL RETIREMENT; AMENDING THE EDUCATIONAL RETIREMENT ACT TO INCREASE EMPLOYEE CONTRIBUTIONS.

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

     Section 1. Section 22-11-21 NMSA 1978 (being Laws 1967, Chapter 16, Section 144, as amended) is amended to read:

     "22-11-21. CONTRIBUTIONS--MEMBERS--LOCAL ADMINISTRATIVE

UNITS.--

          A. Each member shall make contributions to the fund according to the following schedule:

                (1) through June 30, 2005, an amount equal to seven and six-tenths percent of the member's annual salary;

                (2) from July 1, 2005 through June 30, 2006, an amount equal to seven and six hundred seventy-five thousandths percent of the member's annual salary;

                (3) from July 1, 2006 through June 30, 2007, an amount equal to seven and [seventy-five hundredths] eight-tenths percent of the member's annual salary;

                (4) from July 1, 2007 through June 30, 2008, an amount equal to [seven and eight hundred twenty-five thousandths] eight and two-tenths percent of the member's annual salary; and

                (5) on and after July 1, 2008, an amount equal to [seven and nine-tenths] eight and six-tenths percent of the member's annual salary.

          B. Each local administrative unit shall make an annual contribution to the fund according to the following schedule:

                (1) through June 30, 2005, a sum equal to eight and sixty-five hundredths percent of the annual salary of each member employed by the local administrative unit;

                (2) from July 1, 2005 through June 30, 2006, a sum equal to nine and forty-hundredths percent of the annual salary of each member employed by the local administrative unit;

                (3) from July 1, 2006 through June 30, 2007, a sum equal to ten and fifteen-hundredths percent of the annual salary of each member employed by the local administrative unit;

                (4) from July 1, 2007 through June 30, 2008, a sum equal to ten and ninety-hundredths percent of the annual salary of each member employed by the local administrative unit;

                (5) from July 1, 2008 through June 30, 2009, a sum equal to eleven and sixty-five hundredths percent of the annual salary of each member employed by the local administrative unit;

                (6) from July 1, 2009 through June 30, 2010, a sum equal to twelve and four-tenths percent of the annual salary of each member employed by the local administrative unit;

                (7) from July 1, 2010 through June 30, 2011, a sum equal to thirteen and fifteen-hundredths percent of the annual salary of each member employed by the local administrative unit; and

                (8) on and after July 1, 2011, a sum equal to thirteen and nine-tenths percent of the annual salary of each member employed by the local administrative unit."

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