0001| SENATE BILL 412
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| VIRGIL O. RHODES
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0011| AN ACT
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0012| RELATING TO EDUCATIONAL RETIREMENT; AMENDING A SECTION OF THE
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0013| EDUCATIONAL RETIREMENT ACT TO EXTEND THE DATE TO PURCHASE
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0014| SERVICE-CREDIT BY A MEMBER.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. Section 22-11-34 NMSA 1978 (being Laws 1967,
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0018| Chapter 16, Section 157, as amended) is amended to read:
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0019| "22-11-34. ALLOWED SERVICE-CREDIT.--
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0020| A. A member shall be certified to have acquired
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0021| allowed service-credit for those periods of time when he was:
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0022| (1) employed prior to the effective date of the
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0023| Educational Retirement Act in any federal educational program
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0024| within New Mexico, including United States Indian schools and
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0025| civilian conservation corps camps. This service-credit shall be
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0001| allowed without contribution;
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0002| (2) engaged in military service that
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0003| interrupted his employment in New Mexico, if he returned to his
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0004| employment within eighteen months following honorable discharge.
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0005| This service-credit shall be allowed without contribution;
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0006| (3) engaged in United States military service
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0007| or the commissioned corps of the public health service from
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0008| which he was honorably discharged if he contributes to the fund
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0009| a sum equal to ten and one-half percent of his average annual
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0010| salary for that period of time for which he has acquired earned
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0011| service-credit under the Educational Retirement Act for each
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0012| year of service-credit he desires to purchase. Average annual
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0013| salary shall be determined in accordance with rules promulgated
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0014| by the board, but shall always be based upon actual salaries
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0015| earned by the member where the actual salaries can be
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0016| ascertained by the board. The employer's contributions for
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0017| service-credit shall not be paid by the employer. The purchase
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0018| of service-credit provided in this section shall be carried out
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0019| by the member prior to [July 1, 1992] July 1, 1998 or within
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0020| three years after the date of the member's employment following
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0021| service, whichever is later; or
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0022| (4) employed:
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0023| (a) in any public school or public
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0024| institution of higher learning in another state, territory or
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0025| possession of the United States;
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0001| (b) in any United States military
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0002| dependents' school operated by a branch of the armed forces of
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0003| the United States;
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0004| (c) as provided in Paragraph (1) of this
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0005| subsection after the effective date of the Educational
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0006| Retirement Act; or
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0007| (d) in any private school or institution
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0008| of higher learning in New Mexico whose education program is
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0009| accredited or approved by the state board at the time of
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0010| employment.
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0011| B. The member or employer under Paragraph (4) of
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0012| Subsection A of this section shall contribute to the fund for
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0013| each year of allowed service-credit desired an amount equal to
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0014| twelve percent of the member's annual salary at the time payment
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0015| is made if the member is employed or twelve percent times the
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0016| member's annual salary during the member's last year of
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0017| employment if the member is not employed at the time of payment.
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0018| Contributions paid for the member who is not employed shall bear
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0019| interest at the average rate earned by the fund during the five-fiscal-year period immediately preceding the date of payment.
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0020| Such interest shall run from the date the member last terminated
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0021| employment to the date of payment. Payment pursuant to
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0022| Paragraph (4) of Subsection A of this section may be made in
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0023| installments, at the discretion of the board, over a period of
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0024| not to exceed one year, and, if the sum paid does not equal the
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0025| amount required for any full year of allowed service-credit, the
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0001| member shall acquire allowed service-credit for that period of
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0002| time which is proportionate to the payment made. Half credit
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0003| may be allowed without contribution for not more than ten years
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0004| of the educational service described by Subparagraph (a) of
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0005| Paragraph (4) of Subsection A of this section if that service
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0006| was prior to June 13, 1953 and if the member was employed in New
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0007| Mexico prior to June 13, 1953 in any position covered by the
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0008| Educational Retirement Act or any law repealed thereby.
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0009| C. No member shall be certified to have acquired
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0010| allowed service-credit:
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0011| (1) under any single paragraph or the
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0012| combination of only Paragraphs (1) and (4) or only Paragraphs
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0013| (2) and (3) of Subsection A of this section in excess of five
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0014| years; or
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0015| (2) in excess of ten years for any other
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0016| combination of Paragraphs (1) through (4) of Subsection A of
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0017| this section.
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0018| D. The provisions of this section are made
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0019| applicable to the services described prior to as well as after
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0020| the effective date of the Educational Retirement Act."
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