Bill > HB363

This bill amends existing law to adjust the contribution rates for both employers and employees to the Retiree Health Care Fund, which provides health benefits to retired public employees in New Mexico. Specifically, it modifies Section 10-7C-15 of the New Mexico Statutes Annotated (NMSA 1978) by increasing the percentage of an employee's salary that employers and employees must contribute to the fund over several years, starting from July 1, 2014, and continuing through July 1, 2019, and beyond. These adjusted rates apply differently to employees who are members of an "enhanced retirement plan," which refers to specific coverage plans within the Public Employees Retirement Association or the Judicial Retirement Act, and those who are not. The bill also repeals a previous amendment to the law and sets an effective date of July 1, 2014, for these changes.