FIFTY-FIFTH LEGISLATURE

SECOND SESSION, 2022

 

February 14, 2022

 

 

 

Mr. Speaker:

 

    Your JUDICIARY COMMITTEE, to whom has been referred

 

SENATE BILL 159

 

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

 

     1. On page 1, line 13, after "2", insert "; PROVIDING A LIMITED OPPORTUNITY TO MAKE CONTRIBUTIONS FOR THE PURPOSE OF QUALIFYING FOR A PENSION UNDER STATE LEGISLATOR MEMBER COVERAGE PLAN 2".

 

     2. On page 2, between lines 6 and 7, insert the following new section:

 

     "SECTION 2. TEMPORARY PROVISION--ADDITIONAL CONTRIBUTION PERIOD FOR STATE LEGISLATOR MEMBER COVERAGE PLAN 2.--A state legislator member who is otherwise ineligible for the amount of pension provided in Section 10-11-43.3 NMSA 1978 solely because of the failure to make a timely election pursuant to Section 10-11-43.1 NMSA 1978 shall be eligible for that amount of pension if, before January 1, 2023, the member makes a contribution of:

 

          A. five hundred dollars ($500) for each year of credited service prior to 2012;

 

          B. six hundred dollars ($600) for each year of credited service from 2012 through 2018;

 

          C. one thousand dollars ($1,000) for each year of credited service after 2018; and

 

          D. interest on the amount paid pursuant to Subsections A through C of this section from December 31, 2004 to the date of payment at a rate to be determined by the retirement board created pursuant to the Public Employees Retirement Act.".

 

 

                             

                             Respectfully submitted,

 

 

 

                                                                 

Gail Chasey, Chair

 

 

Adopted     Not Adopted

           (Chief Clerk)                            (Chief Clerk)

 

Date

 

 

The roll call vote was 10 For 0 Against

Yes:      10

No:       0

Excused:  Alcon, Louis, Townsend

Absent:   None

 

.222652.2

 

Z:\2022 Session\CommitteeReports\SB0159JC1.wpd