New Mexico HB 501: INCREASE CERTAIN PERA & ERB CONTRIBUTIONS

Bill Text

HB 501/a
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AN ACT
RELATING TO PUBLIC EMPLOYEE PENSIONS; INCREASING PUBLIC
EMPLOYER AND LOCAL ADMINISTRATIVE UNIT CONTRIBUTIONS TO THE
FUNDS INCLUDED UNDER THE PUBLIC EMPLOYEES RETIREMENT ACT AND
THE EDUCATIONAL RETIREMENT FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 10-11-26.6 NMSA 1978 (being Laws
1994, Chapter 128, Section 7, as amended) is amended to read:
"10-11-26.6. STATE GENERAL MEMBER COVERAGE PLAN 3--
STATE CONTRIBUTION RATE.--The state shall contribute
seventeen and twenty-four hundredths percent of the salary of
each member covered by state general member coverage plan 3
starting with the first pay period that ends within the
calendar month in which state general member coverage plan 3
becomes applicable to the member."
SECTION 2. Section 10-11-38.6 NMSA 1978 (being Laws
1994, Chapter 128, Section 14, as amended) is amended to
read:
"10-11-38.6. JUVENILE CORRECTIONAL OFFICER MEMBER
COVERAGE PLAN 2--STATE CONTRIBUTION RATE.--The state shall
contribute twenty-six and thirty-seven hundredths percent of
the salary of each member covered by juvenile correctional
officer member coverage plan 2 starting with the first pay
period that ends within the calendar month in which juvenile

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correctional officer member coverage plan 2 becomes
applicable to the member."
SECTION 3. Section 10-11-49 NMSA 1978 (being Laws 1987,
Chapter 253, Section 49, as amended) is amended to read:
"10-11-49. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 1--
AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--An affiliated
public employer shall contribute seven and sixty-five
hundredths percent of the salary of each member it employs
and who is covered under municipal general member coverage
plan 1."
SECTION 4. Section 10-11-55 NMSA 1978 (being Laws 1987,
Chapter 253, Section 55, as amended) is amended to read:
"10-11-55. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 2--
AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--An affiliated
public employer shall contribute nine and eight-tenths
percent of the salary of each member it employs and who is
covered under municipal general member coverage plan 2."
SECTION 5. Section 10-11-55.6 NMSA 1978 (being Laws
1993, Chapter 58, Section 6, as amended) is amended to read:
"10-11-55.6. MUNICIPAL GENERAL MEMBER COVERAGE PLAN 3--
AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--An affiliated
public employer shall contribute nine and eight-tenths
percent of the salary of each member it employs and who is
covered under municipal general member coverage plan 3."
SECTION 6. Section 10-11-55.12 NMSA 1978 (being Laws

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1998, Chapter 106, Section 6, as amended) is amended to read:
"10-11-55.12. MUNICIPAL GENERAL MEMBER COVERAGE PLAN
4--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--An
affiliated public employer shall contribute twelve and three-
tenths percent of the salary of each member it employs and
who is covered under municipal general member coverage plan
4."
SECTION 7. Section 10-11-61 NMSA 1978 (being Laws 1987,
Chapter 253, Section 61, as amended) is amended to read:
"10-11-61. MUNICIPAL POLICE MEMBER COVERAGE PLAN 1--
AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated
public employer shall contribute ten and sixty-five
hundredths percent of the salary of each member it employs
and who is covered under municipal police member coverage
plan 1."
SECTION 8. Section 10-11-67 NMSA 1978 (being Laws 1987,
Chapter 253, Section 67, as amended) is amended to read:
"10-11-67. MUNICIPAL POLICE MEMBER COVERAGE PLAN 2--
AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated
public employer shall contribute fifteen and sixty-five
hundredths percent of the salary of each member it employs
and who is covered under municipal police member coverage
plan 2."
SECTION 9. Section 10-11-73 NMSA 1978 (being Laws 1987,
Chapter 253, Section 73, as amended) is amended to read:

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"10-11-73. MUNICIPAL POLICE MEMBER COVERAGE PLAN 3--
AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated
public employer shall contribute nineteen and fifteen-
hundredths percent of the salary of each member it employs
and who is covered under municipal police member coverage
plan 3."
SECTION 10. Section 10-11-79 NMSA 1978 (being Laws
1987, Chapter 253, Section 79, as amended) is amended to
read:
"10-11-79. MUNICIPAL POLICE MEMBER COVERAGE PLAN 4--
AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated
public employer shall contribute nineteen and fifteen-
hundredths percent of the salary of each member it employs
and who is covered under municipal police member coverage
plan 4."
SECTION 11. Section 10-11-85 NMSA 1978 (being Laws
1987, Chapter 253, Section 85, as amended) is amended