44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

RELATING TO PUBLIC EMPLOYEE RETIREMENT; CREATING A NEW MEMBER COVERAGE PLAN FOR CORRECTIONAL OFFICERS.

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] STATE HAZARDOUS DUTY MEMBER COVERAGE PLAN 3--APPLICABILITY.--State hazardous duty member coverage plan 3 is applicable to state hazardous duty members who are series 1, 2, 3 or 4 correctional officers. State hazardous duty member coverage plan 3 is applicable in the first full pay period after the first day of the calendar month following an affirmative vote to approve adoption of the plan by a majority of the members voting to be covered under the plan. The election shall be conducted by the retirement board in accordance with procedures adopted by the retirement board. The credited service of a series 1, 2, 3 or 4 correctional officer shall have actual credited service increased by twenty percent for the purposes of state hazardous duty member coverage plan 3."

Section 2. A new section of the Public Employees Retirement Act is enacted to read:

"[NEW MATERIAL] STATE HAZARDOUS DUTY MEMBER COVERAGE PLAN 3--AGE AND SERVICE REQUIREMENTS FOR NORMAL RETIREMENT.--Under state hazardous duty member coverage plan 3, 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:

"[NEW MATERIAL] STATE HAZARDOUS DUTY MEMBER COVERAGE PLAN 3--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under state hazardous duty member coverage plan 3, 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 eighty percent of the final average salary."

Section 4. A new section of the Public Employees Retirement Act is enacted to read:

"[NEW MATERIAL] STATE HAZARDOUS DUTY MEMBER COVERAGE PLAN 3--FINAL AVERAGE SALARY.--Under state hazardous duty member coverage plan 3, 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 state hazardous duty member coverage plan 3, 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:

"[NEW MATERIAL] STATE HAZARDOUS DUTY MEMBER COVERAGE PLAN 3--MEMBER CONTRIBUTION RATE.--A member under state hazardous duty member coverage plan 3 shall contribute seven and six-tenths percent of salary starting with the first full pay period that ends within the calendar month in which state hazardous duty member coverage plan 3 becomes applicable to the member."

Section 6. A new section of the Public Employees Retirement Act is enacted to read:

"[NEW MATERIAL] STATE HAZARDOUS DUTY MEMBER COVERAGE PLAN 3--STATE CONTRIBUTION RATE.--The state shall contribute twenty-five and one-tenth percent of the salary of each member under state hazardous duty member coverage plan 3 starting with the first pay period that ends within the calendar month in which state hazardous duty member coverage plan 3 becomes applicable to the member."