0001| SENATE BILL 120
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| RICHARD ROMERO
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0005|
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0006|
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0008|
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0009|
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0010| AN ACT
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0011| RELATING TO EDUCATIONAL RETIREMENT; AMENDING SECTION 22-11-34
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0012| NMSA 1978 (BEING LAWS 1967, CHAPTER 16, SECTION 157, AS
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0013| AMENDED) TO PROVIDE THAT THE PURCHASE COST OF SERVICE-CREDIT
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0014| SHALL BE BASED UPON THE ACTUARIAL VALUE OF THE SERVICE
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0015| PURCHASED.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. Section 22-11-34 NMSA 1978 (being Laws 1967,
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0019| Chapter 16, Section 157, as amended) is amended to read:
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0020| "22-11-34. ALLOWED SERVICE-CREDIT.--
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0021| A. A member shall be certified to have acquired
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0022| allowed service-credit for those periods of time when he was:
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0023| (1) employed prior to the effective date of
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0024| the Educational Retirement Act in any federal educational
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0025| program within New Mexico, including United States Indian
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0001| schools and civilian conservation corps camps. This service-
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0002| credit shall be allowed without contribution;
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0003| (2) engaged in military service that
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0004| interrupted his employment in New Mexico, if he returned to his
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0005| employment within eighteen months following honorable
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0006| discharge. This service-credit shall be allowed without
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0007| contribution;
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0008| (3) engaged in United States military service
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0009| or the commissioned corps of the public health service from
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0010| which he was honorably discharged if he contributes to the fund
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0011| a sum equal to ten and one-half percent of his average annual
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0012| salary for that period of time for which he has acquired earned
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0013| service-credit under the Educational Retirement Act for each
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0014| year of service-credit he desires to purchase. Average annual
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0015| salary shall be determined in accordance with rules promulgated
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0016| by the board, but shall always be based upon actual salaries
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0017| earned by the member where the actual salaries can be
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0018| ascertained by the board. The employer's contributions for
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0019| service-credit shall not be paid by the employer. The purchase
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0020| of service-credit provided in this section shall be carried out
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0021| by the member [prior to July 1, 1992 or] within three years
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0022| after the date of the member's employment following service
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0023| [whichever is later]; or
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0024| (4) employed:
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0025| (a) in any public school or public
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0001| institution of higher learning in another state, territory or
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0002| possession of the United States;
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0003| (b) in any United States military
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0004| dependents' school operated by a branch of the armed forces of
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0005| the United States;
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0006| (c) as provided in Paragraph (1) of this
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0007| subsection after the effective date of the Educational
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0008| Retirement Act; or
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0009| (d) in any private school or institution
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0010| of higher learning in New Mexico whose education program is
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0011| accredited or approved by the state board at the time of
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0012| employment.
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0013| B. The member or employer under Paragraph (4) of
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0014| Subsection A of this section shall contribute to the fund for
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0015| each year of allowed service-credit desired an amount equal to
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0016| [twelve percent of the member's annual salary at the time
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payment is made if the member is employed or twelve percent
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times the member's annual salary during the member's last year
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of employment if the member is not employed at the time of
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payment. Contributions paid for the member who is not employed
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shall bear interest at the average rate earned by the fund
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during the five-fiscal-year period immediately preceding the
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date of payment. Such interest shall run from the date the
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member last terminated employment to the date of payment] the
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0025| actuarial value of the service purchased as defined by the
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0001| board. Payment pursuant to Paragraph (4) of Subsection A of
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0002| this section may be made in installments, at the discretion of
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0003| the board, over a period of not to exceed one year, and, if the
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0004| sum paid does not equal the amount required for any full year
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0005| of allowed service-credit, the member shall acquire allowed
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0006| service-credit for that period of time which is proportionate
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0007| to the payment made. Half credit may be allowed without
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0008| contribution for not more than ten years of the educational
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0009| service described by Subparagraph (a) of Paragraph (4) of
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0010| Subsection A of this section if that service was prior to June
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0011| 13, 1953 and if the member was employed in New Mexico prior to
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0012| June 13, 1953 in any position covered by the Educational
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0013| Retirement Act or any law repealed thereby.
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0014| C. No member shall be certified to have acquired
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0015| allowed service-credit:
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0016| (1) under any single paragraph or the
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0017| combination of only Paragraphs (1) and (4) or only Paragraphs
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0018| (2) and (3) of Subsection A of this section in excess of five
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0019| years; or
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0020| (2) in excess of ten years for any other
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0021| combination of Paragraphs (1) through (4) of Subsection A of
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0022| this section.
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0023| D. The provisions of this section are made
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0024| applicable to the services described prior to as well as after
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0025| the effective date of the Educational Retirement Act."
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0001|
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0002|
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0003| FORTY-THIRD LEGISLATURE
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0004| FIRST SESSION, 1997 SB 120/a
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0005|
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0006| February 19, 1997
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0007|
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0008| Mr. President:
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0009|
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0010| Your EDUCATION COMMITTEE, to whom has been referred
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0011|
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0012| SENATE BILL 120
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0013|
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0014| has had it under consideration and reports same with
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0015| recommendation that it DO PASS, amended as follows:
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0016|
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0017| 1. On page 3, line 24, after the word "board" insert the
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0018| language "effective July 1, 2000.,
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0019|
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0020| The roll call vote on Amendment 1 was 8 For 1 Against
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0021| Yes: 8
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0022| No: Rawson
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0023| Excused: Garcia
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0024| Absent: None
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0025|
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0001| and thence referred to the FINANCE COMMITTEE.
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0002|
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0003| Respectfully submitted,
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0004|
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0005|
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0006|
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0007|
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0008| __________________________________
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0009| Cynthia Nava, Chairman
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0010|
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0011|
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0012| Adopted_______________________ Not
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0013| Adopted_______________________
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0014| (Chief Clerk) (Chief Clerk)
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0015|
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0016|
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0017| Date ________________________
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0018|
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0019| The roll call vote was 9 For 0 Against
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0020| Yes: 9
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0021| No: 0
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0022| Excused: Garcia
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0023| Absent: None
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0024|
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0025|
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0001|
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0002| S0120ED1
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0003|
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0004| FORTY-THIRD LEGISLATURE SB 120/a
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0005| FIRST SESSION, 1997
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0006|
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0007|
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0008| February 24, 1997
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0009|
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0010| Mr. President:
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0011|
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0012| Your FINANCE COMMITTEE, to whom has been referred
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0013|
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0014| SENATE BILL 120, as amended
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0015|
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0016| has had it under consideration and reports same with
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0017| recommendation that it DO PASS, amended as follows:
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0018|
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0019|
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0020| 1. Strike Senate Education Committee Amendment 1.
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0021|
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0022| 2. On page 3, lines 14 through 22, remove brackets and
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0023| line-through.
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0024|
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0025| 3. On page 3, line 22, after "payment" insert a period and:
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0001|
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0002| "Effective July 1, 2000, the member or employer under
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0003| Paragraph (4) of Subsection A of this section shall contribute to
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0004| the fund for each year of allowed service-credit desired an
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0005| amount equal to".
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0006|
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0007|
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0008| Respectfully submitted,
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0009|
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0010|
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0011|
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0012|
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0013| __________________________________
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0014| Ben D. Altamirano, Chairman
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0021|
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0024|
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0025|
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0002|
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0003|
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0004|
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0006|
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0007|
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0008| Adopted_______________________ Not
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0009| Adopted_______________________
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0010| (Chief Clerk) (Chief Clerk)
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0011|
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0012|
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0013| Date ________________________
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0014|
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0015|
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0016| The roll call vote was 6 For 0 Against
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0017| Yes: 6
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0018| No: None
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0019| Excused: Aragon, Ingle, Lyons, McKibben, Smith
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0020| Absent: None
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0021|
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0022|
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0023| S0120FC1 .117496.1
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0024|
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0025|
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0001|
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0002| FORTY-THIRD LEGISLATURE SB 120/a
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0003| FIRST SESSION, 1997
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0004|
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0005|
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0006| March 2, 1997
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0007|
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0008| Mr. President:
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0009|
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0010| Your FINANCE COMMITTEE, to whom has been referred
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0011|
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0012| SENATE BILL 120, as amended
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0013|
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0014| has had it under consideration and reports same with
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0015| recommendation that it DO PASS, amended as follows:
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0016|
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0017| 1. Strike Senate Finance Committee Amendment 3.
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0018|
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0019| 2. On page 3, line 22, after "payment" insert a period
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0020| and "Effective July 1, 2001, the member or employer under
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0021| Paragraph (4) of Subsection A of this section shall contribute to
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0022| the fund for each year of allowed service-credit desired an
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0023| amount equal to".
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0024|
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0025|
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0001|
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0002| Respectfully submitted,
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0003|
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0004|
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0005|
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0006|
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0007| __________________________________
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0008| Ben D. Altamirano, Chairman
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0009|
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0010|
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0011|
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0012| Adopted_______________________ Not
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0013| Adopted_______________________
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0014| (Chief Clerk) (Chief Clerk)
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0015|
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0016|
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0017| Date ________________________
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0018|
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0019|
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0020| The roll call vote was 6 For 0 Against
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0021| Yes: 6
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0022| No: None
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0023| Excused: Aragon, Ingle, Lyons, McKibben, Smith
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0024| Absent: None
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0025|
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0001|
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0002| S0120FC2 .117876.1
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0003|
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0004| State of New Mexico
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0005| House of Representatives
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0006|
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0007| FORTY-THIRD LEGISLATURE
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0008| FIRST SESSION, 1997
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0009|
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0010|
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0011| March 17, 1997
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0012|
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0013|
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0014| Mr. Speaker:
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0015|
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0016| Your EDUCATION COMMITTEE, to whom has been referred
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0017|
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0018| SENATE BILL 120, as amended
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0019|
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0020| has had it under consideration and reports same with
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0021| recommendation that it DO PASS, and thence referred to the
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0022| TAXATION AND REVENUE COMMITTEE.
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0023|
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0024| Respectfully submitted,
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0025|
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0001|
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0002|
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0003|
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0004| Samuel F. Vigil, Chairman
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0005|
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0006|
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0007| Adopted Not Adopted
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0008|
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0009| (Chief Clerk) (Chief Clerk)
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0010|
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0011| Date
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0012|
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0013| The roll call vote was 8 For 0 Against
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0014| Yes: 8
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0015| No: None
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0016| Excused: Beam, Miera, Nicely, Trujillo, S.M. Williams
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0017| Absent: None
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0018|
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0019|
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0020| G:\BILLTEXT\BILLW_97\S0120 State of New Mexico
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0021| House of Representatives
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0022|
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0023| FORTY-THIRD LEGISLATURE
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0024| FIRST SESSION, 1997
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0025|
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0001|
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0002| March 21, 1997
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0003|
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0004|
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0005| Mr. Speaker:
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0006|
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0007| Your TAXATION AND REVENUE COMMITTEE, to whom has
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0008| been referred
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0009|
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0010| SENATE BILL 120, as amended
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0011|
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0012| has had it under consideration and reports same with
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0013| recommendation that it DO PASS.
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0014|
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0015| Respectfully submitted,
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0016|
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0017|
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0018|
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0019|
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0020| Jerry W. Sandal, Chairman
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0021|
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0022|
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0023| Adopted Not Adopted
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0024|
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0025| (Chief Clerk) (Chief Clerk)
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0001|
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0002| Date
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0003|
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0004| The roll call vote was 7 For 0 Against
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0005| Yes: 7
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0006| Excused: Crook, Gonzales, Lovejoy, Lujan, Parsons, Sandel
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0007| Absent: None
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0008|
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0009|
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0010| G:\BILLTEXT\BILLW_97\S0120
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