Bill > SB138

This bill modifies the distribution of tax receipts from the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act, specifically changing how funds are allocated to retirement accounts. Previously, the bill directed $100,000 each to the magistrate and judicial retirement funds annually. Now, the bill removes those specific allocations and instead directs $75,000 (or potentially more if needed) to the legislative retirement fund. The bill eliminates previous provisions that required the Public Employees Retirement Association to annually assess the funded ratios of the magistrate and judicial retirement funds and adjust distributions accordingly. By making these changes, the legislation shifts financial support away from magistrate and judicial retirement funds and focuses on supporting the legislative retirement fund, ensuring sufficient resources for legislative retirement benefits. The bill appears to be a technical adjustment to how certain tax-derived funds are distributed among different retirement accounts in New Mexico.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=138&year=25