HOUSE BILL 544
54th legislature - STATE OF NEW MEXICO - first session, 2019
INTRODUCED BY
William "Bill" R. Rehm
AN ACT
RELATING TO PUBLIC EMPLOYEE RETIREMENT; ADDRESSING RETIREMENT FUND SOLVENCY; ADJUSTING THE CALCULATION TO DETERMINE MAXIMUM PENSION; INCREASING EMPLOYEE AND EMPLOYER CONTRIBUTION RATES; REQUIRING A ONE-YEAR SUSPENSION OF COST-OF-LIVING ADJUSTMENTS FOR CERTAIN RETIRED MEMBERS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 10-11-26.3 NMSA 1978 (being Laws 1994, Chapter 128, Section 4, as amended) is amended to read:
"10-11-26.3. STATE GENERAL MEMBER COVERAGE PLAN 3--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under state general member coverage plan 3:
A. for a member with age and service requirements provided under Paragraph (1) or (3) of Subsection A of Section 10-11-26.2 NMSA 1978, the amount of pension under form of payment A is equal to three percent of final average salary multiplied by service credit [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by three percent; and
B. for a member with age and service requirements provided under Paragraph (2) of Subsection A of Section 10-11-26.2 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by service credit [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two and one-half percent."
SECTION 2. Section 10-11-26.5 NMSA 1978 (being Laws 1994, Chapter 128, Section 6, as amended) is amended to read:
"10-11-26.5. STATE GENERAL MEMBER COVERAGE PLAN 3--MEMBER CONTRIBUTION RATE.--A member under state general member coverage plan 3 shall contribute seven and forty-two hundredths percent of salary starting with the first full pay period that ends within the calendar month in which state general member coverage plan 3 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [eight] eleven and ninety-two hundredths percent of salary."
SECTION 3. Section 10-11-26.6 NMSA 1978 (being Laws 1994, Chapter 128, Section 7, as amended) is amended to read:
"10-11-26.6. STATE GENERAL MEMBER COVERAGE PLAN 3--STATE CONTRIBUTION RATE.--The state shall contribute [sixteen] nineteen and ninety-nine hundredths percent of the salary of each member covered by state general member coverage plan 3 starting with the first pay period that ends within the calendar month in which state general member coverage plan 3 becomes applicable to the member [except that, from July 1, 2013 through June 30, 2014, the state contribution rate shall be sixteen and fifty-nine hundredths percent of the salary of each member]."
SECTION 4. Section 10-11-29 NMSA 1978 (being Laws 1987, Chapter 253, Section 29, as amended) is amended to read:
"10-11-29. STATE POLICE MEMBER AND ADULT CORRECTIONAL OFFICER MEMBER COVERAGE PLAN 1--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under state police member and adult correctional officer member coverage plan 1, the amount of pension under form of payment A is equal to three percent of final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by three percent."
SECTION 5. Section 10-11-38.3 NMSA 1978 (being Laws 1994, Chapter 128, Section 11, as amended) is amended to read:
"10-11-38.3. JUVENILE CORRECTIONAL OFFICER MEMBER COVERAGE PLAN 2--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under juvenile correctional officer member coverage plan 2, the amount of pension under form of payment A is equal to three percent of final average salary multiplied by service credit [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by three percent."
SECTION 6. Section 10-11-38.5 NMSA 1978 (being Laws 1994, Chapter 128, Section 13, as amended) is amended to read:
"10-11-38.5. JUVENILE CORRECTIONAL OFFICER MEMBER COVERAGE PLAN 2--MEMBER CONTRIBUTION RATE.--A member under juvenile correctional officer member coverage plan 2 shall contribute four and seventy-eight hundredths percent of salary starting with the first full pay period that ends within the calendar month in which juvenile correctional officer member coverage plan 2 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [six] nine and twenty-eight hundredths percent of salary."
SECTION 7. Section 10-11-38.6 NMSA 1978 (being Laws 1994, Chapter 128, Section 14, as amended) is amended to read:
"10-11-38.6. JUVENILE CORRECTIONAL OFFICER MEMBER COVERAGE PLAN 2--STATE CONTRIBUTION RATE.--The state shall contribute [twenty-six] twenty-nine and twelve-hundredths percent of the salary of each member covered by juvenile correctional officer member coverage plan 2 starting with the first pay period that ends within the calendar month in which juvenile correctional officer member coverage plan 2 becomes applicable to the member [except that, from July 1, 2013 through June 30, 2014, the state contribution rate shall be twenty-five and seventy-two hundredths percent of the salary of each member]."
SECTION 8. Section 10-11-46 NMSA 1978 (being Laws 1987, Chapter 253, Section 46, as amended) is amended to read:
"10-11-46. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 1--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal general member coverage plan 1, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two percent."
SECTION 9. Section 10-11-48 NMSA 1978 (being Laws 1987, Chapter 253, Section 48, as amended) is amended to read:
"10-11-48. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 1--MEMBER CONTRIBUTION RATE.--A member under municipal general member coverage plan 1 shall contribute seven percent of salary starting with the first full pay period in the calendar month in which municipal general member coverage plan 1 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [eight] eleven and one-half percent of salary."
SECTION 10. Section 10-11-49 NMSA 1978 (being Laws 1987, Chapter 253, Section 49, as amended) is amended to read:
"10-11-49. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 1--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--An affiliated public employer shall contribute [seven] ten and four-tenths percent of the salary of each member it employs and who is covered under municipal general member coverage plan 1 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be seven percent of the salary of each member]."
SECTION 11. Section 10-11-52 NMSA 1978 (being Laws 1987, Chapter 253, Section 52, as amended) is amended to read:
"10-11-52. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 2--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal general member coverage plan 2:
A. for a member with age and service requirements provided in Subsection A of Section 10-11-51 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two and one-half percent; and
B. for a member with age and service requirements provided in Subsection B of Section 10-11-51 NMSA 1978, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by service credit [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two percent."
SECTION 12. Section 10-11-54 NMSA 1978 (being Laws 1987, Chapter 253, Section 54, as amended) is amended to read:
"10-11-54. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 2--MEMBER CONTRIBUTION RATE.--A member under municipal general member coverage plan 2 shall contribute nine and fifteen-hundredths percent of salary starting with the first full pay period in the calendar month in which municipal general member coverage plan 2 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [ten] thirteen and sixty-five hundredths percent of salary."
SECTION 13. Section 10-11-55 NMSA 1978 (being Laws 1987, Chapter 253, Section 55, as amended) is amended to read:
"10-11-55. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 2--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--An affiliated public employer shall contribute [nine] twelve and fifty-five hundredths percent of the salary of each member it employs and who is covered under municipal general member coverage plan 2 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be nine and fifteen-hundredths percent of the salary of each member]."
SECTION 14. Section 10-11-55.3 NMSA 1978 (being Laws 1993, Chapter 58, Section 3, as amended) is amended to read:
"10-11-55.3. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 3--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal general member coverage plan 3:
A. for a member with age and service requirements provided under Subsection A of Section 10-11-55.2 NMSA 1978, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by three percent; and
B. for a member with age and service requirements provided under Subsection B of Section 10-11-55.2 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two and one-half percent."
SECTION 15. Section 10-11-55.5 NMSA 1978 (being Laws 1993, Chapter 58, Section 5, as amended) is amended to read:
"10-11-55.5. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 3--MEMBER CONTRIBUTION RATE.--A member under municipal general member coverage plan 3 shall contribute thirteen and fifteen-hundredths percent of salary starting with the first full pay period in the calendar month in which municipal general member coverage plan 3 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [fourteen] seventeen and sixty-five hundredths percent of salary."
SECTION 16. Section 10-11-55.6 NMSA 1978 (being Laws 1993, Chapter 58, Section 6, as amended) is amended to read:
"10-11-55.6. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 3--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--An affiliated public employer shall contribute [nine] twelve and fifty-five hundredths percent of the salary of each member it employs and who is covered under municipal general member coverage plan 3 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be nine and fifteen-hundredths percent of the salary of each member]."
SECTION 17. Section 10-11-55.9 NMSA 1978 (being Laws 1998, Chapter 106, Section 3, as amended) is amended to read:
"10-11-55.9. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 4--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal general member coverage plan 4:
A. for a member with age and service requirements provided under Subsection A of Section 10-11-55.8 NMSA 1978, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by three percent; and
B. for a member with age and service requirements provided under Subsection B of Section 10-11-55.8 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two and one-half percent."
SECTION 18. Section 10-11-55.11 NMSA 1978 (being Laws 1998, Chapter 106, Section 5, as amended) is amended to read:
"10-11-55.11. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 4-- MEMBER CONTRIBUTION RATE.--A member under municipal general member coverage plan 4 shall contribute fifteen and sixty-five hundredths percent of salary starting with the first full pay period in the calendar month in which municipal general member coverage plan 4 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [seventeen] twenty and fifteen-hundredths percent of salary."
SECTION 19. Section 10-11-55.12 NMSA 1978 (being Laws 1998, Chapter 106, Section 6, as amended) is amended to read:
"10-11-55.12. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 4--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--An affiliated public employer shall contribute [twelve] fifteen and five-hundredths percent of the salary of each member it employs and who is covered under municipal general member coverage plan 4 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be eleven and sixty-five hundredths percent of the salary of each member]."
SECTION 20. Section 10-11-58 NMSA 1978 (being Laws 1987, Chapter 253, Section 58, as amended) is amended to read:
"10-11-58. MUNICIPAL POLICE MEMBER COVERAGE PLAN 1--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal police member coverage plan 1, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two percent."
SECTION 21. Section 10-11-60 NMSA 1978 (being Laws 1987, Chapter 253, Section 60, as amended) is amended to read:
"10-11-60. MUNICIPAL POLICE MEMBER COVERAGE PLAN 1--MEMBER CONTRIBUTION RATE.--A member under municipal police member coverage plan 1 shall contribute seven percent of salary starting with the first full pay period in the calendar month in which municipal police member coverage plan 1 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [eight] eleven and one-half percent of salary."
SECTION 22. Section 10-11-61 NMSA 1978 (being Laws 1987, Chapter 253, Section 61, as amended) is amended to read:
"10-11-61. MUNICIPAL POLICE MEMBER COVERAGE PLAN 1--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute [ten] thirteen and four-tenths percent of the salary of each member it employs and who is covered under municipal police member coverage plan 1 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be ten percent of the salary of each member]."
SECTION 23. Section 10-11-64 NMSA 1978 (being Laws 1987, Chapter 253, Section 64, as amended) is amended to read:
"10-11-64. MUNICIPAL POLICE MEMBER COVERAGE PLAN 2--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal police member coverage plan 2:
A. for a member with age and service requirements provided under Subsection A of Section 10-11-63 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two and one-half percent; and
B. for a member with age and service requirements provided under Subsection B of Section 10-11-63 NMSA 1978, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two percent."
SECTION 24. Section 10-11-66 NMSA 1978 (being Laws 1987, Chapter 253, Section 66, as amended) is amended to read:
"10-11-66. MUNICIPAL POLICE MEMBER COVERAGE PLAN 2--MEMBER CONTRIBUTION RATE.--A member under municipal police member coverage plan 2 shall contribute seven percent of salary with the first full pay period in the calendar month in which municipal police member coverage plan 2 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [eight] eleven and one-half percent of salary."
SECTION 25. Section 10-11-67 NMSA 1978 (being Laws 1987, Chapter 253, Section 67, as amended) is amended to read:
"10-11-67. MUNICIPAL POLICE MEMBER COVERAGE PLAN 2--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute [fifteen] eighteen and four-tenths percent of the salary of each member it employs and who is covered under municipal police member coverage plan 2 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be fifteen percent of the salary of each member]."
SECTION 26. Section 10-11-70 NMSA 1978 (being Laws 1987, Chapter 253, Section 70, as amended) is amended to read:
"10-11-70. MUNICIPAL POLICE MEMBER COVERAGE PLAN 3--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal police member coverage plan 3:
A. for a member with age and service requirements provided under Subsection A of Section 10-11-69 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two and one-half percent; and
B. for a member with age and service requirements provided under Subsection B of Section 10-11-69 NMSA 1978, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two percent."
SECTION 27. Section 10-11-72 NMSA 1978 (being Laws 1987, Chapter 253, Section 72, as amended) is amended to read:
"10-11-72. MUNICIPAL POLICE MEMBER COVERAGE PLAN 3--MEMBER CONTRIBUTION RATE.--A member under municipal police member coverage plan 3 shall contribute seven percent of salary with the first full pay period in the calendar month in which municipal police member coverage plan 3 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [eight] eleven and one-half percent of salary."
SECTION 28. Section 10-11-73 NMSA 1978 (being Laws 1987, Chapter 253, Section 73, as amended) is amended to read:
"10-11-73. MUNICIPAL POLICE MEMBER COVERAGE PLAN 3--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute [eighteen] twenty-one and nine-tenths percent of the salary of each member it employs and who is covered under municipal police member coverage plan 3 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be eighteen and one-half percent of the salary of each member]."
SECTION 29. Section 10-11-76 NMSA 1978 (being Laws 1987, Chapter 253, Section 76, as amended) is amended to read:
"10-11-76. MUNICIPAL POLICE MEMBER COVERAGE PLAN 4--AMOUNT OF PENSION--FORM OF [PENSION] PAYMENT A.--Under municipal police member coverage plan 4:
A. for a member with age and service requirements provided under Subsection A of Section 10-11-75 NMSA 1978, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by three percent; and
B. for a member with age and service requirements provided under Subsection B of Section 10-11-75 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two and one-half percent."
SECTION 30. Section 10-11-78 NMSA 1978 (being Laws 1987, Chapter 253, Section 78, as amended) is amended to read:
"10-11-78. MUNICIPAL POLICE MEMBER COVERAGE PLAN 4--MEMBER CONTRIBUTION RATE.--A member under municipal police member coverage plan 4 shall contribute twelve and thirty-five hundredths percent of salary starting with the first full pay period in the calendar month in which municipal police member coverage plan 4 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [thirteen] sixteen and eighty-five hundredths percent of salary."
SECTION 31. Section 10-11-79 NMSA 1978 (being Laws 1987, Chapter 253, Section 79, as amended) is amended to read:
"10-11-79. MUNICIPAL POLICE MEMBER COVERAGE PLAN 4--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute [eighteen] twenty-one and nine-tenths percent of the salary of each member it employs and who is covered under municipal police member coverage plan 4 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be eighteen and one-half percent of the salary of each member]."
SECTION 32. Section 10-11-82 NMSA 1978 (being Laws 1987, Chapter 253, Section 82, as amended) is amended to read:
"10-11-82. MUNICIPAL POLICE MEMBER COVERAGE PLAN 5--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal police member coverage plan 5:
A. for a member with age and service requirements provided under Subsection A of Section 10-11-81 NMSA 1978, the amount of pension under form of payment A is equal to three and one-half percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by three and one-half percent; and
B. for a member with age and service requirements provided under Subsection B of Section 10-11-81 NMSA 1978, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by three percent."
SECTION 33. Section 10-11-84 NMSA 1978 (being Laws 1987, Chapter 253, Section 84, as amended) is amended to read:
"10-11-84. MUNICIPAL POLICE MEMBER COVERAGE PLAN 5--MEMBER CONTRIBUTION RATE.--A member under municipal police member coverage plan 5 shall contribute sixteen and three-tenths percent of salary starting with the first full pay period in the calendar month in which municipal police member coverage plan 5 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [seventeen] twenty and eight-tenths percent of salary."
SECTION 34. Section 10-11-85 NMSA 1978 (being Laws 1987, Chapter 253, Section 85, as amended) is amended to read:
"10-11-85. MUNICIPAL POLICE MEMBER COVERAGE PLAN 5--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute [eighteen] twenty-one and nine-tenths percent of the salary of each member it employs and who is covered under municipal police member coverage plan 5 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be eighteen and one-half percent of the salary of each member]."
SECTION 35. Section 10-11-88 NMSA 1978 (being Laws 1987, Chapter 253, Section 88, as amended) is amended to read:
"10-11-88. MUNICIPAL FIRE MEMBER COVERAGE PLAN 1--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal fire member coverage plan 1, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two percent."
SECTION 36. Section 10-11-90 NMSA 1978 (being Laws 1987, Chapter 253, Section 90, as amended) is amended to read:
"10-11-90. MUNICIPAL FIRE MEMBER COVERAGE PLAN 1--MEMBER CONTRIBUTION RATE.--A member under municipal fire member coverage plan 1 shall contribute eight percent of salary with the first full pay period in the calendar month in which municipal fire member coverage plan 1 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [nine] twelve and one-half percent of salary."
SECTION 37. Section 10-11-91 NMSA 1978 (being Laws 1987, Chapter 253, Section 91, as amended) is amended to read:
"10-11-91. MUNICIPAL FIRE MEMBER COVERAGE PLAN 1--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute [eleven] fourteen and four-tenths percent of the salary of each member it employs and covers under municipal fire member coverage plan 1 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be eleven percent of the salary of each member]."
SECTION 38. Section 10-11-94 NMSA 1978 (being Laws 1987, Chapter 253, Section 94, as amended) is amended to read:
"10-11-94. MUNICIPAL FIRE MEMBER COVERAGE PLAN 2--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal fire member contribution plan 2:
A. for a member with age and service requirements provided under Subsection A of Section 10-11-93 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two and one-half percent; and
B. for a member with age and service requirements provided under Subsection B of Section 10-11-93 NMSA 1978, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two percent."
SECTION 39. Section 10-11-96 NMSA 1978 (being Laws 1987, Chapter 253, Section 96, as amended) is amended to read:
"10-11-96. MUNICIPAL FIRE MEMBER COVERAGE PLAN 2--MEMBER CONTRIBUTION RATE.--A member under municipal fire member coverage plan 2 shall contribute eight percent of salary with the first full pay period in the calendar month in which municipal fire member coverage plan 2 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [nine] twelve and one-half percent of salary."
SECTION 40. Section 10-11-97 NMSA 1978 (being Laws 1987, Chapter 253, Section 97, as amended) is amended to read:
"10-11-97. MUNICIPAL FIRE MEMBER COVERAGE PLAN 2--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute [seventeen] twenty and nine-tenths percent of the salary of each member it employs and covers under municipal fire member coverage plan 2 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be seventeen and one-half percent of the salary of each member]."
SECTION 41. Section 10-11-100 NMSA 1978 (being Laws 1987, Chapter 253, Section 100, as amended) is amended to read:
"10-11-100. MUNICIPAL FIRE MEMBER COVERAGE PLAN 3--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal fire member coverage plan 3:
A. for a member with age and service requirements provided under Subsection A of Section 10-11-99 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two and one-half percent; and
B. for a member with age and service requirements provided under Subsection B of Section 10-11-99 NMSA 1978, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two percent."
SECTION 42. Section 10-11-102 NMSA 1978 (being Laws 1987, Chapter 253, Section 102, as amended) is amended to read:
"10-11-102. MUNICIPAL FIRE MEMBER COVERAGE PLAN 3--MEMBER CONTRIBUTION RATE.--A member under municipal fire member coverage plan 3 shall contribute eight percent of salary with the first full pay period in the calendar month in which municipal fire member coverage plan 3 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [nine] twelve and one-half percent of salary."
SECTION 43. Section 10-11-103 NMSA 1978 (being Laws 1987, Chapter 253, Section 103, as amended) is amended to read:
"10-11-103. MUNICIPAL FIRE MEMBER COVERAGE PLAN 3--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute [twenty-one] twenty-four and sixty-five hundredths percent of the salary of each member it employs and covers under municipal fire member coverage plan 3 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be twenty-one and twenty-five hundredths percent of the salary of each member]."
SECTION 44. Section 10-11-106 NMSA 1978 (being Laws 1987, Chapter 253, Section 106, as amended) is amended to read:
"10-11-106. MUNICIPAL FIRE MEMBER COVERAGE PLAN 4--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal fire member coverage plan 4:
A. for a member with age and service requirements provided under Subsection A of Section 10-11-105 NMSA 1978, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by three percent; and
B. for a member with age and service requirements provided under Subsection B of Section 10-11-105 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by two and one-half percent."
SECTION 45. Section 10-11-108 NMSA 1978 (being Laws 1987, Chapter 253, Section 108, as amended) is amended to read:
"10-11-108. MUNICIPAL FIRE MEMBER COVERAGE PLAN 4--MEMBER CONTRIBUTION RATE.--A member under municipal fire member coverage plan 4 shall contribute twelve and eight-tenths percent of salary with the first full pay period in the calendar month in which municipal fire member coverage plan 4 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [fourteen] seventeen and three-tenths percent of salary."
SECTION 46. Section 10-11-109 NMSA 1978 (being Laws 1987, Chapter 253, Section 109, as amended) is amended to read:
"10-11-109. MUNICIPAL FIRE MEMBER COVERAGE PLAN 4--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute [twenty-one] twenty-four and sixty-five hundredths percent of the salary of each member it employs and covers under municipal fire member coverage plan 4 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be twenty-one and twenty-five hundredths percent of the salary of each member]."
SECTION 47. Section 10-11-112 NMSA 1978 (being Laws 1987, Chapter 253, Section 112, as amended) is amended to read:
"10-11-112. MUNICIPAL FIRE MEMBER COVERAGE PLAN 5--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal fire member coverage plan 5:
A. for a member with age and service requirements provided under Subsection A of Section 10-11-111 NMSA 1978,
the amount of pension under form of payment A is equal to three and one-half percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by three and one-half percent; and
B. for a member with age and service requirements provided under Subsection B of Section 10-11-111 NMSA 1978, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by three percent."
SECTION 48. Section 10-11-114 NMSA 1978 (being Laws 1987, Chapter 253, Section 114, as amended) is amended to read:
"10-11-114. MUNICIPAL FIRE MEMBER COVERAGE PLAN 5--MEMBER CONTRIBUTION RATE.--A member under municipal fire member coverage plan 5 shall contribute sixteen and two-tenths percent of salary with the first full pay period in the calendar month in which municipal fire member coverage plan 5 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [seventeen] twenty and seven-tenths percent of salary."
SECTION 49. Section 10-11-115 NMSA 1978 (being Laws 1987, Chapter 253, Section 115, as amended) is amended to read:
"10-11-115. MUNICIPAL FIRE MEMBER COVERAGE PLAN 5--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute [twenty-one] twenty-four and sixty-five hundredths percent of the salary of each member it employs and covers under municipal fire member coverage plan 5 [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be twenty-one and twenty-five hundredths percent of the salary of each member]."
SECTION 50. Section 10-11-115.3 NMSA 1978 (being Laws 2003, Chapter 268, Section 4, as amended) is amended to read:
"10-11-115.3. MUNICIPAL DETENTION OFFICER MEMBER COVERAGE PLAN 1--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal detention officer member coverage plan 1, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service [The amount shall not exceed ninety percent of the final average salary]; provided that the final average salary shall be multiplied by one and one-half percent for that portion of service credit that would increase the amount of pension in excess of ninety percent of the final average salary if the final average salary was otherwise multiplied by three percent."
SECTION 51. Section 10-11-115.5 NMSA 1978 (being Laws 2003, Chapter 268, Section 6, as amended) is amended to read:
"10-11-115.5. MUNICIPAL DETENTION OFFICER MEMBER COVERAGE PLAN 1--MEMBER CONTRIBUTION RATE.--A member under municipal detention officer member coverage plan 1 shall contribute sixteen and sixty-five hundredths percent of salary with the first full pay period in the calendar month in which municipal detention officer member coverage plan 1 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute [eighteen] twenty-one and fifteen-hundredths percent of salary."
SECTION 52. Section 10-11-115.6 NMSA 1978 (being Laws 2003, Chapter 268, Section 7, as amended) is amended to read:
"10-11-115.6. MUNICIPAL DETENTION OFFICER MEMBER COVERAGE PLAN 1--EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute [seventeen] twenty and five-hundredths percent of the salary of each member under municipal detention officer member coverage plan 1 starting with the first pay period that ends within the calendar month in which municipal detention officer member coverage plan 1 becomes applicable to the member [except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be sixteen and sixty-five hundredths percent of the salary of each member]."
SECTION 53. Section 10-11-118 NMSA 1978 (being Laws 1987, Chapter 253, Section 118, as amended) is amended to read:
"10-11-118. COST-OF-LIVING ADJUSTMENTS--QUALIFIED PENSION RECIPIENT.--
A. For the purposes of this section:
(1) "preceding calendar year" means the twelve-month period ending on the December 31 preceding the July 1 in which pensions are being adjusted; and
(2) "second preceding calendar year" means the full calendar year prior to the preceding calendar year.
B. A qualified pension recipient is eligible for a cost-of-living pension adjustment. The amount of pension payable to a qualified pension recipient who:
(1) retires pursuant to normal retirement after working for at least twenty-five years under one or more applicable coverage plans and whose annual pension benefit, after all previous annual cost-of-living adjustments, is equal to an amount not greater than twenty thousand dollars ($20,000), shall be increased by two and one-half percent each July 1. The amount of the increase shall be determined by multiplying the amount of pension, inclusive of all prior adjustments, by two and one-half percent;
(2) is a disability retired member whose annual pension benefit, after all previous annual cost-of-living adjustments, is equal to an amount not greater than twenty thousand dollars ($20,000), shall be increased by two and one-half percent each July 1. The amount of the increase shall be determined by multiplying the amount of pension, inclusive of all prior adjustments, by two and one-half percent; and
(3) does not meet the requirements provided in Paragraph (1) or (2) of this subsection shall be increased by two percent each July 1. The amount of the increase shall be determined by multiplying the amount of pension, inclusive of all prior adjustments, by two percent; provided that from July 1, 2019 through June 30, 2020, there shall be no increase in a pension pursuant to this paragraph.
C. A qualified pension recipient is:
(1) a normal retired member who:
(a) retires on or before June 30, 2014 and has been retired for at least two full calendar years from the effective date of the latest retirement prior to July 1 of the year in which the pension is being adjusted;
(b) retires between July 1, 2014 and June 30, 2015 and has been retired for at least three full calendar years from the effective date of the latest retirement prior to July 1 of the year in which the pension is being adjusted;
(c) retires between July 1, 2015 and June 30, 2016 and has been retired for at least four full calendar years from the effective date of the latest retirement prior to July 1 of the year in which the pension is being adjusted; or
(d) retires on or after July 1, 2016 and has been retired for at least seven full calendar years from the effective date of the latest retirement prior to July 1 of the year in which the pension is being adjusted;
(2) a normal retired member who has attained age sixty-five years and has been retired for at least one full calendar year from the effective date of the latest retirement prior to July 1 of the year in which the pension is being adjusted; (3) a disability retired member who has been retired for at least one full calendar year from the effective date of the latest retirement prior to July 1 of the year in which the pension is being adjusted;
(4) a survivor beneficiary who has received a survivor pension for at least two full calendar years; or
(5) a survivor beneficiary of a deceased retired member who otherwise would have been retired at least two full calendar years from the effective date of the latest retirement prior to July 1 of the year in which the pension is being adjusted.
D. A qualified pension recipient may decline an increase in a pension by giving the association written notice of the decision to decline the increase at least thirty days prior to the date the increase would take effect."
SECTION 54. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2019.
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