Bill > SB438

This bill modifies the State Public Safety Member Coverage Plan 1 to provide state police members with an equal calculation of credited service, specifically increasing their actual credited service by twenty percent for pension calculation purposes. The bill applies to state police members who were retired or members on or before June 30, 2013, and it also updates retirement age and service requirements for various public safety members, including state police, adult correctional officers, probation and parole officers, and state fire members. The legislation standardizes retirement eligibility by allowing members to retire at age 60 with 5 or more years of service credit, or at any age with 25 or more years of service credit. Importantly, the bill stipulates that for state police members who became members on or after July 1, 2013, any credited service or pension earned before the act's effective date will not be retroactively adjusted. The changes aim to provide more consistent and potentially more beneficial pension calculations for public safety employees, particularly state police members.

Health and Social Services

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=438&year=25