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| SPONSOR: | Wright | DATE TYPED: | 03/02/99 | HB | HJM 67 | ||
| SHORT TITLE: | Increase Number of Volunteer Firefighters | SB | |||||
| ANALYST: | Eaton | ||||||
APPROPRIATION
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY99 | FY2000 | |||
| NFI | ||||
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
Public Employees Retirement Association of New Mexico (PERA)
SUMMARY
Synopsis of Bill
This bill requests that volunteer fire departments gather member information and submit it to the Public Employees Retirement Association of New Mexico (PERA). The information will be used for an actuarial study of the Volunteer Firefighters Retirement Fund.
The purpose of the study is to determine the cost of extending membership to persons whose first year of service was after the age of forty-five and who is not retired by or receiving a pension created and established by the state or any of its political subdivisions. The only exception are those persons who are receiving pensions from the state police pension fund.
The cost of the actuarial study will be paid for by the state fire marshal and those affected volunteer fire departments.
FISCAL IMPLICATIONS
No appropriations are included in this memorial. The Public Employees Retirement Association of New Mexico estimates that the cost of the actuarial impact study will be five thousand dollars.
ADMINISTRATIVE IMPLICATIONS
The Public Employees Retirement Association (PERA) reports that a increase in workload will occur but that they will absorb the administrative impact.
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