summary
Introduced
01/24/2022
01/24/2022
In Committee
02/14/2022
02/14/2022
Crossed Over
02/08/2022
02/08/2022
Passed
02/15/2022
02/15/2022
Dead
Signed/Enacted/Adopted
02/28/2022
02/28/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO LEGISLATIVE RETIREMENT; CHANGING THE CALCULATION FOR THE AMOUNT OF PENSION PURSUANT TO STATE LEGISLATOR MEMBER COVERAGE PLAN 2; PROVIDING A LIMITED OPPORTUNITY TO MAKE CONTRIBUTIONS FOR THE PURPOSE OF QUALIFYING FOR A PENSION UNDER STATE LEGISLATOR MEMBER COVERAGE PLAN 2.
AI Summary
This bill proposes changes to the legislative retirement plan in New Mexico. It amends the existing law to change the calculation for the pension amount under the State Legislator Member Coverage Plan 2, basing it on a percentage of the per diem rate and the legislator's or lieutenant governor's credited service. The bill also provides a limited-time opportunity for state legislators who did not previously make a timely election to qualify for the increased pension amount by making additional contributions based on their years of credited service and at an interest rate set by the retirement board.
Committee Categories
Budget and Finance, Health and Social Services, Justice
Sponsors (2)
Last Action
Signed by Governor - Chapter 16 - Feb. 28 (on 02/28/2022)
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=159&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/final/SB0159.pdf |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/senate/SB0159.pdf |
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