Bill > HB92

This bill makes several changes to the Magistrate Retirement Act in New Mexico: 1. It allows for the appropriation of money into the Magistrate Retirement Fund, which is the fund used to administer the Magistrate Retirement Act. This will help address solvency issues with the fund. 2. It increases the service credit multipliers for magistrates, raising the percentage used to calculate pension benefits for service credit earned on or after July 1, 2022 from 3% to 3.5%. This will result in higher pension payouts for eligible magistrates. 3. It appropriates $10 million from the general fund to the Magistrate Retirement Fund for expenditure in fiscal year 2023 and subsequent years to further address the solvency of the fund. Any unused funds will not revert back to the general fund. In summary, this bill aims to strengthen the Magistrate Retirement Act by increasing funding, raising pension benefit calculations, and improving the overall financial stability of the retirement system for eligible magistrates in New Mexico.

Budget and Finance, Justice

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=92&year=22