Bill > SB151

This bill modifies the Magistrate Retirement Act to make several key changes to the retirement system for magistrate judges. The bill adjusts how the Magistrate Retirement Fund is structured, allowing appropriations and investment income to be directly credited to the fund, and clarifies the fund's accounting categories. It modifies the age and service credit requirements for retirement, maintaining existing provisions for magistrates who were members before July 1, 2014. The bill increases member contribution rates from 10.5% to 14.74% of salary starting July 1, 2025, and correspondingly increases employer contribution rates from 15% to 19.24% of salary for members in the same timeframe. Additionally, the bill increases the maximum pension percentage from 85% to 100% of the highest 60 consecutive months of salary, potentially providing more substantial retirement benefits for magistrate judges. These changes are designed to strengthen the financial sustainability of the magistrate retirement system and improve retirement benefits for magistrate judges, with all provisions set to take effect on July 1, 2025.

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https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=151&year=25