RELATING TO MUNICIPAL EMPLOYEE RETIREMENT; PROVIDING FOR A MUNICIPAL GENERAL MEMBER PLAN 4; ENACTING SECTIONS OF THE NMSA 1978.
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:
"MUNICIPAL GENERAL MEMBER COVERAGE PLAN 4--APPLICABILITY.--Municipal general member coverage plan 4 is applicable to a designated group of municipal general members the first day of the calendar month following an affirmative vote by the majority of the municipal general members in a designated group. A designated group may be all members employed by the affiliated public employer, an organizational group whose compensation is established by negotiated contract or all members employed by the affiliated public employer, whose compensation is not established by negotiated contract. The election shall be conducted by the retirement board in accordance with the procedures adopted by the retirement board. The procedures shall afford all municipal general members who are part of the designated group an opportunity to vote. A new election for coverage by municipal general member coverage plan 4 shall not be held prior to the expiration of six months following the date of an election that failed to adopt municipal general member coverage plan 4. An election adopting municipal general member coverage plan 4 is irrevocable for the purpose of subsequently adopting a coverage plan that would decrease employer or employee contributions with respect to all current and future municipal general employees of the affiliated public employer who are part of the designated group. All elections for the purpose of adopting municipal general member coverage plan 4 shall take place prior to July 1, 1999. Any election occurring after June 30, 1999 shall be void."
Section 2. A new section of the Public Employees Retirement Act is enacted to read:
"MUNICIPAL GENERAL MEMBER COVERAGE PLAN 4--AGE AND SERVICE REQUIREMENTS FOR NORMAL RETIREMENT.--Under municipal general member coverage plan 4, the age and service requirements for normal retirement are:
A. age sixty-five years or older and five or more years of credited service;
B. age sixty-four years and eight or more years of credited service;
C. age sixty-three years and eleven or more years of credited service;
D. age sixty-two years and fourteen or more years of credited service;
E. age sixty-one years and seventeen or more years of credited service;
F. age sixty years and twenty or more years of credited service; or
G. any age and twenty-five or more years of credited service."
Section 3. A new section of the Public Employees Retirement Act is enacted to read:
"MUNICIPAL GENERAL MEMBER COVERAGE PLAN 4--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal general member coverage plan 4, 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 eighty percent of the final average salary."
Section 4. A new section of the Public Employees Retirement Act is enacted to read:
"MUNICIPAL GENERAL MEMBER COVERAGE PLAN 4--FINAL AVERAGE SALARY.--Under municipal general member coverage plan 4, the final average salary is one thirty-sixth of the greatest aggregate amount of salary paid a member for thirty-six consecutive months of credited service. Under municipal general member coverage plan 4, if a member has less than thirty-six months of credited service, the final average salary is the aggregate amount of salary paid a member for the member's period of credited service divided by the member's credited service."
Section 5. A new section of the Public Employees Retirement Act is enacted to read:
"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 coverage plan 4 becomes applicable to the member."
Section 6. A new section of the Public Employees Retirement Act is enacted to read:
"MUNICIPAL GENERAL MEMBER COVERAGE PLAN 4--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--An affiliated public employer shall contribute eleven and sixty-five hundredths percent of the salary of each member it employs and who is covered under municipal general member coverage plan 4."
HB 329
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