summary
Introduced
01/17/2023
01/17/2023
In Committee
03/07/2023
03/07/2023
Crossed Over
03/01/2023
03/01/2023
Passed
03/16/2023
03/16/2023
Dead
Signed/Enacted/Adopted
04/04/2023
04/04/2023
Introduced Session
2023 Regular Session
Bill Summary
AN ACT RELATING TO EDUCATIONAL RETIREMENT; PROVIDING AN EXCEPTION TO ALLOW CERTAIN CONTRACTS OF THE EDUCATIONAL RETIREMENT BOARD TO EXCEED FOUR YEARS PURSUANT TO THE PROCUREMENT CODE; ALLOWING ELIGIBLE EMPLOYEES OF SOUTHEAST NEW MEXICO COLLEGE TO PARTICIPATE IN THE ALTERNATIVE RETIREMENT PLAN; CONFORMING THE REQUIRED MINIMUM DISTRIBUTION AGE TO THE FEDERAL INTERNAL REVENUE CODE OF 1986.
AI Summary
This bill makes the following key changes:
1. Allows certain contracts of the Educational Retirement Board to exceed four years under the Procurement Code, providing an exception.
2. Allows eligible employees of Southeast New Mexico College to participate in the Alternative Retirement Plan, which provides an optional retirement plan for faculty and professional employees at certain state educational institutions.
3. Conforms the required minimum distribution age for retirement benefits to match the federal Internal Revenue Code of 1986.
The bill aims to provide more flexibility for the Educational Retirement Board's contracts, expand the Alternative Retirement Plan option to Southeast New Mexico College, and align the state's retirement rules with federal tax requirements.
Committee Categories
Education, Military Affairs and Security
Sponsors (1)
Last Action
Signed by Governor - Chapter 87 - Apr. 4 (on 04/04/2023)
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=20&year=23 |
| BillText | https://www.nmlegis.gov/Sessions/23%20Regular/final/SB0020.pdf |
| BillText | https://www.nmlegis.gov/Sessions/23%20Regular/bills/senate/SB0020.pdf |
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