SENATE BILL 157
54th legislature - STATE OF NEW MEXICO - first session, 2019
William P. Soules
RELATING TO EDUCATIONAL RETIREMENT; ALLOWING EDUCATIONAL RETIREMENT PROGRAM MEMBERS TO CONVERT UNUSED SICK LEAVE TO SERVICE CREDIT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Educational Retirement Act is enacted to read:
"[NEW MATERIAL] SICK LEAVE SERVICE CREDIT.--
A. Beginning on July 1, 2020, a member who has acquired the minimum number of years of contributory employment to be eligible for retirement benefits under the Educational Retirement Act may pay to have unused sick leave, earned from the member's contributory employment and for which the member has otherwise not received payment, converted to earned service credit, up to a maximum of:
(1) six days of unused sick leave per year of contributory employment; and
(2) four calendar quarters of earned service credit.
B. The following standards apply to the conversion of unused sick leave to earned service credit under this section:
(1) eight hours of sick leave equals one day of sick leave;
(2) thirty-eight to eighty-two days of sick leave equals one quarter of earned service credit;
(3) eighty-three to one hundred twenty-seven days of sick leave equals two quarters of earned service credit;
(4) one hundred twenty-eight to one hundred seventy-two days of sick leave equals three quarters of earned service credit; and
(5) one hundred seventy-three or more days of sick leave equals four quarters of service credit.
C. A member who elects to convert unused sick leave to earned service credit under this section shall, in accordance with rules that the board shall establish, submit to the board verification from local administrative units of the member's unused sick leave.
D. The cost to a member of converting unused sick leave to earned service credit is the actuarial present value, as determined by the board, of the benefit attributable to the conversion. The board shall establish rules pertaining to payments for converting unused sick leave to earned service credit."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2020.
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