Bill > HB94

This bill makes several changes to the Judicial Retirement Act in New Mexico. It allows for the appropriation of money into the Judicial Retirement Fund, increases certain service credit multipliers for calculating pension amounts, and makes a $35 million appropriation from the general fund to the Judicial Retirement Fund to address solvency issues. The bill increases the service credit multiplier from 3.75% to 4% for judges and justices who have occupied their office for less than 10 years, and maintains the 3.5% multiplier for those who have served 10 years or more. This is intended to provide higher pension benefits to encourage retention of experienced judges and justices in the state.

Budget and Finance, Military Affairs and Security

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=94&year=22