0001| HOUSE BILL 1151
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| JUDY VANDERSTAR RUSSELL
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0005|
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0006|
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0007|
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0008|
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0009|
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0010| AN ACT
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0011| RELATING TO MUNICIPAL EMPLOYEE RETIREMENT; ALLOWING THE
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0012| MUNICIPAL AFFILIATED PUBLIC EMPLOYER TO CONTRIBUTE UP TO
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0013| SEVENTY-FIVE PERCENT OF EMPLOYEE'S CONTRIBUTION.
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0014|
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0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016| Section 1. Section 10-11-5 NMSA 1978 (being Laws 1987,
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0017| Chapter 253, Section 5) is amended to read:
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0018| "10-11-5. CREDITED SERVICE--MUNICIPAL ELECTION TO MAKE
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0019| EMPLOYEE CONTRIBUTIONS.--A municipal affiliated public employer
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0020| may elect by resolution of its governing body and in the manner
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0021| prescribed by the retirement board to be responsible for making
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0022| contributions of up to seventy-five percent of its employees'
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0023| member contributions as follows:
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0024| A. the resolution shall not be irrevocable,
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0025| however, any change in the percentage of employee contribution
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0001| shall be no less than that which was originally made when the
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0002| plan was selected, shall apply to all employees or else to
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0003| specified employee divisions of the municipal affiliated public
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0004| employer and shall be effective the first pay period of the
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0005| month following the filing of the resolution with the retire-
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0006|
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0007| ment board;
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0008| B. the portion of the employee contributions made
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0009| by the municipal affiliated public employer on behalf of a
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0010| member shall be credited to the member's individual accumulated
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0011| member contribution account in the member contribution fund.
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0012| The member shall be responsible for the difference between the
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0013| contributions the member would be required to make if the
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0014| municipal affiliated public employer had not made the election
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0015| provided for in this section and the amount contributed by the
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0016| municipal affiliated public employer under the provisions of
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0017| this section; and
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0018| C. pensions payable to members whose municipal
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0019| affiliated public employer makes the election provided for in
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0020| this section shall be the same as if the member had made the
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0021| entire member contribution."
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0022| State of New Mexico
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0023| House of Representatives
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0024|
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0025| FORTY-THIRD LEGISLATURE
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0001| FIRST SESSION, 1997
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0002|
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0003|
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0004| March 20, 1997
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0005|
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0006|
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0007| Mr. Speaker:
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0008|
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0009| Your APPROPRIATIONS AND FINANCE COMMITTEE, to
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0010| whom has been referred
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0011|
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0012| HOUSE BILL 1151, as amended
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0013|
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0014| has had it under consideration and reports same with
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0015| recommendation that it DO PASS.
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0016|
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0017| Respectfully submitted,
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0018|
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0019|
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0020|
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0021|
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0022|
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0023| Max Coll, Chairman
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0024|
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0025|
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0001| Adopted Not Adopted
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0002|
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0003| (Chief Clerk) (Chief Clerk)
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0004|
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0005| Date
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0006|
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0007| The roll call vote was 12 For 4 Against
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0008| Yes: 12
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0009| No: Buffett, Pearce, Townsend, Wallace
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0010| Excused: Marquardt
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0011| Absent: None
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0012|
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0013|
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0014| G:\BILLTEXT\BILLW_97\H1151
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0015|
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0016| FORTY-THIRD LEGISLATURE
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0017| FIRST SESSION, 1997
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0018|
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0019|
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0020| March 21, 1997
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0021|
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0022| Mr. President:
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0023|
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0024| Your PUBLIC AFFAIRS COMMITTEE, to whom has been
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0025| referred
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0001|
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0002| HOUSE BILL 1151, as amended
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0003|
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0004| has had it under consideration and reports same with
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0005| recommendation that it DO PASS.
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0006|
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0007| Respectfully submitted,
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0008|
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0009|
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0010|
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0011|
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0012| __________________________________
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0013| Shannon Robinson, Chairman
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0014|
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0015|
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0016|
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0017| Adopted_______________________ Not
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0018| Adopted_______________________
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0019| (Chief Clerk) (Chief Clerk)
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0020|
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0021|
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0022| Date ________________________
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0023|
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0024|
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0025| The roll call vote was 5 For 0 Against
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0001| Yes: 5
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0002| No: 0
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0003| Excused: Adair, Boitano, Robinson, Smith
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0004| Absent: None
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0005|
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0007|
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0008|
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0009| H1151PA1
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