Bill > SB402

This bill amends the New Mexico public employee pension law to modify the conditions under which members of the public employees retirement system can purchase service credit for time spent in uniformed service. The key changes include removing previous restrictions that reduced purchasable service credit by military service credit already acquired, eliminating the requirement that purchased service credit cannot be used if it has been used to obtain benefits from another retirement program, and simplifying the conditions for purchasing service credit for uniformed service. The bill allows members who entered uniformed service to buy up to five years of service credit, provided they meet certain conditions such as paying the purchase cost, having the minimum required years of service credit, and not having received a dishonorable discharge. The purchase cost is calculated based on the member's final average salary and contribution rates, and must be paid in a single lump sum within 60 days of being informed of the amount. This change aims to provide more flexibility for public employees who have served in the uniformed services to enhance their retirement benefits.

Health and Social Services

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=402&year=25