summary
Introduced
01/18/2022
01/18/2022
In Committee
02/14/2022
02/14/2022
Crossed Over
02/09/2022
02/09/2022
Passed
02/15/2022
02/15/2022
Dead
Signed/Enacted/Adopted
03/01/2022
03/01/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO EDUCATIONAL RETIREMENT; INCREASING CERTAIN CONTRIBUTIONS TO THE EDUCATIONAL RETIREMENT FUND.
AI Summary
This bill amends the contributions to the Educational Retirement Fund in New Mexico. It increases the contribution rates for both members (employees) and local administrative units (employers) over the next few years. Specifically, the member contribution rate will increase from 10.7% to 18.15% for those earning more than $24,000 annually, and from 7.9% to 18.15% for those earning $24,000 or less. The local administrative unit contribution rate will increase from 15.15% to 18.15% over the same period. The bill also includes provisions related to the alternative retirement plan, where the contribution to the Educational Retirement Fund will increase from 4.25% to 7.25% of participant salaries.
Committee Categories
Budget and Finance, Education
Sponsors (2)
Last Action
Signed by Governor - Chapter 29 - Mar. 1 (on 03/01/2022)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=36&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/final/SB0036.pdf |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/senate/SB0036.pdf |
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