SENATE BILL 266

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

Michael S. Sanchez

 

 

 

FOR THE CORRECTIONS OVERSIGHT, COURTS AND JUSTICE COMMITTEE

 

AN ACT

RELATING TO RETIREMENT OF PUBLIC EMPLOYEES; CREATING A NEW RETIREMENT PLAN FOR JUVENILE CORRECTIONAL OFFICERS EMPLOYED BY THE CHILDREN, YOUTH AND FAMILIES DEPARTMENT.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. A new section of the Public Employees Retirement Act is enacted to read:

     "[NEW MATERIAL] STATE HAZARDOUS DUTY MEMBER COVERAGE PLAN 3--APPLICABILITY.--

          A. State hazardous duty member coverage plan 3 is applicable to hazardous duty members in the first full pay period after July 1, 2006 if the retirement board certifies to the secretary of state that a majority of the members voting of those members to be covered under state hazardous duty member coverage plan 3 has voted to approve adoption of this plan at an election conducted pursuant to Section 8 of this 2005 act.

          B. The actual credited service of a hazardous duty member shall be increased by twenty percent for the purposes of state hazardous duty member coverage plan 3."

     Section 2. A new section of the Public Employees Retirement Act is enacted to read:

     "[NEW MATERIAL] STATE HAZARDOUS DUTY MEMBER COVERAGE PLAN 3--AGE AND SERVICE CREDIT REQUIREMENTS FOR NORMAL RETIREMENT.--Under state hazardous duty member coverage plan 3, the age and service credit requirements for normal retirement are:

          A. age sixty-five years or older and five or more years of service credit;

          B. age sixty-four years and eight or more years of service credit;

          C. age sixty-three years and eleven or more years of service credit;

          D. age sixty-two years and fourteen or more years of service credit;

          E. age sixty-one years and seventeen or more years of service credit;

          F. age sixty years and twenty or more years of service credit; and

          G. any age and twenty-five or more years of service credit."

     Section 3. A new section of the Public Employees Retirement Act is enacted to read:

     "[NEW MATERIAL] STATE HAZARDOUS DUTY MEMBER COVERAGE PLAN 3--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under state hazardous duty member coverage plan 3, the amount of pension under form of payment A is equal to three percent of final average salary multiplied by service credit. The amount shall not exceed eighty percent of the final average salary."

     Section 4. A new section of the Public Employees Retirement Act is enacted to read:

     "[NEW MATERIAL] STATE HAZARDOUS DUTY MEMBER COVERAGE PLAN 3--FINAL AVERAGE SALARY.--Under state hazardous duty member coverage plan 3, the final average salary is one thirty-sixth of the greatest aggregate amount of salary paid a member for thirty-six consecutive but not necessarily continuous months of service credit. Under state hazardous duty member coverage plan 3, if a member has less than thirty-six months of service credit, the final average salary is the aggregate amount of salary paid a member for the member's period of service credit divided by the member's service credit."

     Section 5. A new section of the Public Employees Retirement Act is enacted to read:

     "[NEW MATERIAL] STATE HAZARDOUS DUTY MEMBER COVERAGE PLAN 3--MEMBER CONTRIBUTION RATE.--A member under state hazardous duty member coverage plan 3 shall contribute seven and six-tenths percent of salary starting with the first full pay period that ends within the calendar month in which state hazardous duty member coverage plan 3 becomes applicable to the member."

     Section 6. A new section of the Public Employees Retirement Act is enacted to read:

     "[NEW MATERIAL] STATE HAZARDOUS DUTY MEMBER COVERAGE PLAN 3--STATE CONTRIBUTION RATE.--The state shall contribute twenty-five and one-tenth percent of the salary of each member covered by state hazardous duty member coverage plan 3 starting with the first pay period that ends within the calendar month in which state hazardous duty member coverage plan 3 becomes applicable to the member."

     Section 7. A new section of the Public Employees Retirement Act is enacted to read:

     "[NEW MATERIAL] SERVICE CREDIT UNDER STATE HAZARDOUS DUTY MEMBER COVERAGE PLAN 3 REQUIRED.--Notwithstanding the provisions of Section 2 of this 2005 act, to qualify for payment under state hazardous duty member coverage plan 3, a member shall have one and one-half years of service credit earned under state hazardous duty member coverage plan 3 subsequent to July 1, 2006."

     Section 8. TEMPORARY PROVISION--ELECTION.--On or before October 1, 2005, the retirement board of the public employees retirement association shall conduct elections to submit to members currently contributing under state hazardous duty member coverage plan 2 the question of adopting state hazardous duty member coverage plan 3. The elections shall be conducted in accordance with procedures adopted by the board. The procedures shall afford all affected members an opportunity to vote. The retirement board shall certify the results of the elections to the secretary of state on or before November 1, 2005.

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