0001| HOUSE BILL 329 | 0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998 | 0003| INTRODUCED BY | 0004| JUDY VANDERSTAR RUSSELL | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO MUNICIPAL EMPLOYEE RETIREMENT; PROVIDING FOR A | 0012| MUNICIPAL GENERAL MEMBER PLAN 4; ENACTING SECTIONS OF THE NMSA | 0013| 1978. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. A new section of the Public Employees | 0017| Retirement Act is enacted to read: | 0018| "[NEW MATERIAL] MUNICIPAL GENERAL MEMBER COVERAGE PLAN | 0019| 4--APPLICABILITY.--Municipal general member coverage plan 4 is | 0020| applicable to a designated group of municipal general members | 0021| the first day of the calendar month following an affirmative | 0022| vote by the majority of the municipal general members in a | 0023| designated group. A designated group may be all members | 0024| employed by the affiliated public employer, an organizational | 0025| group whose compensation is established by negotiated contract | - 1 - 0001| or all members employed by the affiliated public employer, | 0002| whose compensation is not established by negotiated contract. | 0003| The election shall be conducted by the retirement board in | 0004| accordance with the procedures adopted by the retirement | 0005| board. The procedures shall afford all municipal general | 0006| members who are part of the designated group an opportunity to | 0007| vote. A new election for coverage by municipal general member | 0008| coverage plan 4 shall not be held prior to the expiration of | 0009| six months following the date of an election that failed to | 0010| adopt municipal general member coverage plan 4. An election | 0011| adopting municipal general member coverage plan 4 is | 0012| irrevocable for the purpose of subsequently adopting a | 0013| coverage plan that would decrease employer or employee | 0014| contributions with respect to all current and future municipal | 0015| general employees of the affiliated public employer who are | 0016| part of the designated group. All elections for the purpose | 0017| of adopting municipal general member coverage plan 4 shall | 0018| take place prior to July 1, 1999. Any election occurring | 0019| after June 30, 1999 shall be void." | 0020| Section 2. A new section of the Public Employees | 0021| Retirement Act is enacted to read: | 0022| "[NEW MATERIAL] MUNICIPAL GENERAL MEMBER COVERAGE PLAN | 0023| 4--AGE AND SERVICE REQUIREMENTS FOR NORMAL RETIREMENT.--Under | 0024| municipal general member coverage plan 4, the age and service | 0025| requirements for normal retirement are: | - 2 - 0001| A. age sixty-five years or older and five or more | 0002| years of credited service; | 0003| B. age sixty-four years and eight or more years of | 0004| credited service; | 0005| C. age sixty-three years and eleven or more years | 0006| of credited service; | 0007| D. age sixty-two years and fourteen or more years | 0008| of credited service; | 0009| E. age sixty-one years and seventeen or more years | 0010| of credited service; | 0011| F. age sixty years and twenty or more years of | 0012| credited service; or | 0013| G. any age and twenty-five or more years of | 0014| credited service." | 0015| Section 3. A new section of the Public Employees | 0016| Retirement Act is enacted to read: | 0017| "[NEW MATERIAL] MUNICIPAL GENERAL MEMBER COVERAGE PLAN | 0018| 4--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal | 0019| general member coverage plan 4, the amount of pension under | 0020| form of payment A is equal to three percent of the final | 0021| average salary multiplied by credited service. The amount | 0022| shall not exceed eighty percent of the final average salary." | 0023| Section 4. A new section of the Public Employees | 0024| Retirement Act is enacted to read: | 0025| "[NEW MATERIAL] MUNICIPAL GENERAL MEMBER COVERAGE PLAN | - 3 - 0001| 4--FINAL AVERAGE SALARY.--Under municipal general member | 0002| coverage plan 4, the final average salary is one thirty-sixth | 0003| of the greatest aggregate amount of salary paid a member for | 0004| thirty-six consecutive months of credited service. Under | 0005| municipal general member coverage plan 4, if a member has less | 0006| than thirty-six months of credited service, the final average | 0007| salary is the aggregate amount of salary paid a member for the | 0008| member's period of credited service divided by the member's | 0009| credited service." | 0010| Section 5. A new section of the Public Employees | 0011| Retirement Act is enacted to read: | 0012| "[NEW MATERIAL] MUNICIPAL GENERAL MEMBER COVERAGE PLAN | 0013| 4--MEMBER CONTRIBUTION RATE.--A member under municipal general | 0014| member coverage plan 4 shall contribute fifteen and sixty-five | 0015| hundredths percent of salary starting with the first full pay | 0016| period in the calendar month in which coverage plan 4 becomes | 0017| applicable to the member." | 0018| Section 6. A new section of the Public Employees | 0019| Retirement Act is enacted to read: | 0020| "[NEW MATERIAL] MUNICIPAL GENERAL MEMBER COVERAGE PLAN | 0021| 4--AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--An | 0022| affiliated public employer shall contribute eleven and sixty- | 0023| five hundredths percent of the salary of each member it | 0024| employs and who is covered under municipal general member | 0025| coverage plan 4." | - 4 -