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| SPONSOR: | Rodella | DATE TYPED: | 02/08/99 | HB | 288 | ||
| SHORT TITLE: | Search and Rescue Volunteers Retirement Act | SB | |||||
| ANALYST: | Eaton | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY99 | FY2000 | |||
| $ 500.0 | Recurring | Fire Protection | ||
| Indeterminate* | Recurring | Fire Protection | ||
*Additional funding may be required to make the retirement fund actuarially sound.
(Parenthesis ( ) Indicate Revenue Decreases)
Relates to HB 147; SB295 (amend the Volunteer Firefighters Retirement Act)
SOURCES OF INFORMATION
Public Employees Retirement Association of New Mexico (PERA)
SUMMARY
Synopsis of Bill
This bill would create a new retirement fund for search and rescue volunteers. Funding would come from the fire protection fund. The Public Employees Retirement Association would administer the fund. The bill would be enacted January 1, 2000.
FISCAL IMPLICATIONS
This bill would appropriate $500.0 from the Fire Protection Fund to a newly created fund, the Search and Rescue Volunteer Fund. An actuarial study may be needed under authority of Article XX, Section 22C of the New Mexico Constitution:
"The legislature shall not enact any law that increases the benefits paid by the system in any manner... unless adequate funding is provided."
This proposed fund would receive an appropriation of $500.0 (recurring) from the Fire Protection Fund. This would be the only revenue source for retirement as volunteers are not paid. The Public Employees Retirement Association reports that the fund may require more appropriations to be actuarially sound but that a study would need to be conducted to determine the minimum funding needs.
ADMINISTRATIVE IMPLICATIONS
Increased workload at PERA, but no additional FTE would be required.
JBE/gm