SENATE BILL 122
54th legislature - STATE OF NEW MEXICO - second session, 2020
Jacob R. Candelaria
ENDORSED BY THE INVESTMENTS AND PENSIONS OVERSIGHT COMMITTEE
RELATING TO JUDICIAL RETIREMENT; PROVIDING FOR A DISTRIBUTION PURSUANT TO THE OIL AND GAS PROCEEDS AND PASS-THROUGH ENTITY WITHHOLDING TAX ACT TO THE JUDICIAL RETIREMENT FUND AND TO THE MAGISTRATE RETIREMENT FUND; DELAYING FURTHER DISTRIBUTIONS TO THE LEGISLATIVE RETIREMENT FUND UNTIL FISCAL YEAR 2026.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 7-1-6.43 NMSA 1978 (being Laws 2003, Chapter 86, Section 1, as amended) is amended to read:
"7-1-6.43. DISTRIBUTION--OIL AND GAS PROCEEDS AND PASS-THROUGH ENTITY WITHHOLDING TAX--MAGISTRATE RETIREMENT FUND-- JUDICIAL RETIREMENT FUND--LEGISLATIVE RETIREMENT FUND.--
A. [Beginning on July 1, 2019] A distribution pursuant to Section 7-1-6.1 NMSA 1978 from the net receipts attributable to the amount of tax deducted pursuant to the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act shall be made as follows:
(1) prior to July 1, 2025:
(a) to the magistrate retirement fund in the amount of one hundred thousand dollars ($100,000); and
(b) to the judicial retirement fund in the amount of one hundred thousand dollars ($100,000); and
(2) on and after July 1, 2025, to the legislative retirement fund in the amount of seventy-five thousand dollars ($75,000) or, if larger, in an amount equal to one-twelfth of the amount necessary to pay out the retirement benefits due under state legislator member coverage plan 2 and Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978 for the succeeding calendar year.
B. In regard to the distribution to the legislative retirement fund, in December  2024 and in each December thereafter, [except in 2017] the public employees retirement association, with the assistance of the legislative council service, shall determine the amount of retirement benefits for the succeeding calendar year. If the monthly average exceeds seventy-five thousand dollars ($75,000), the association shall immediately notify the department of the average amount."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2020.
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