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

REQUESTING THE PUBLIC EMPLOYEES RETIREMENT ASSOCIATION AND THE CORRECTIONS DEPARTMENT TO PREPARE AN ACTUARIAL STUDY OF THE COST OF CREATING A NEW STATE HAZARDOUS DUTY MEMBER PLAN.

WHEREAS, New Mexico is having difficulty recruiting and retaining correctional officers; and

WHEREAS, permitting correctional officers to participate in a retirement plan offering the same early retirement opportunity as is available for New Mexico state police officers would help attract and retain correctional officers; and

WHEREAS, creation of a new state hazardous duty member coverage plan similar to state police member coverage plan 1 has the support of correctional officers and the corrections department; and

WHEREAS, the constitution of New Mexico requires that any increase in public employees retirement association benefits must be adequately funded;

NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the public employees retirement association and the corrections department be requested to initiate and complete an actuarial study of the cost of funding a new state hazardous duty member coverage plan, with the cost of the study to be paid by the corrections department; and

BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the executive director of the public employees retirement association and the secretary of corrections.