summary
Introduced
01/19/2021
01/19/2021
In Committee
03/15/2021
03/15/2021
Crossed Over
02/25/2021
02/25/2021
Passed
03/19/2021
03/19/2021
Dead
Signed/Enacted/Adopted
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO EDUCATIONAL RETIREMENT; INCREASING CERTAIN CONTRIBUTIONS TO THE EDUCATIONAL RETIREMENT FUND; REQUIRING A REPORT; EXTENDING CERTAIN RETURN-TO-WORK PROVISIONS; REPEALING LAWS 2019, CHAPTER 237, SECTION 18 TO CORRECT A TECHNICAL STATUTORY CONFLICT.
AI Summary
This bill increases certain contributions to the Educational Retirement Fund in New Mexico. Specifically, it raises the contribution rate for members whose annual salary is greater than $24,000 from 10.7% to 10.7% of their annual salary. It also increases the contribution rate for local administrative units from 15.15% to 16.15% of the annual salary of each member they employ, effective July 1, 2022. The bill also extends certain return-to-work provisions for retired members and requires the Educational Retirement Board to report on fund status and options to improve pension plan solvency without additional contributions from public employers.
Committee Categories
Budget and Finance, Education
Sponsors (1)
Last Action
Signed by Governor - Chapter 44 - Apr. 5 (on 03/20/2021)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=42&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/final/SB0042.pdf |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0042.pdf |
Loading...