SENATE BILL 157

49th legislature - STATE OF NEW MEXICO - second session, 2010

INTRODUCED BY

Clinton D. Harden

AN ACT

RELATING TO PUBLIC EMPLOYEE RETIREMENT; ALLOWING MEMBERS TO EXCLUDE MONTHS IN WHICH A WORK FURLOUGH OCCURRED FROM THE CALCULATION OF THEIR FINAL AVERAGE SALARY FOR THE PURPOSE OF RETIREMENT BENEFIT CALCULATIONS.

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

     Section 1. A new section of the Public Employees Retirement Act is enacted to read:

     "[NEW MATERIAL] CALCULATION OF FINAL AVERAGE SALARY--OPTION TO EXCLUDE MONTHS IN WHICH WORK FURLOUGH OCCURRED.--Notwithstanding any other provision of the Public Employees Retirement Act, a member may elect to exclude a month of service credit in which the member was furloughed pursuant to executive order issued between July 1, 2009 and June 30, 2010 from the calculation of the member's final average salary for the purpose of calculating the member's retirement benefits. A month excluded pursuant to this section shall not be excluded for the purpose of calculating the member's years of credited service."

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