0001| SENATE JOINT MEMORIAL 39 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| MICHAEL S. SANCHEZ | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| A JOINT MEMORIAL | 0011| REQUESTING THAT THE PUBLIC EMPLOYEES RETIREMENT ASSOCIATION | 0012| SEEK WRITTEN TAX ADVICE FROM THE INTERNAL REVENUE SERVICE | 0013| REGARDING ALLOWING MEMBERS WHO WERE CIVILIAN PRISONERS OF WAR | 0014| TO PURCHASE SERVICE CREDIT. | 0015| | 0016| WHEREAS, Senate Bill 514, introduced this legislative | 0017| session, proposes to amend the Public Employees Retirement Act | 0018| to allow certain persons who are former civilian prisoners of | 0019| war to purchase up to five years of Public Employees Retirement | 0020| Act service credit for the period of internment as a civilian | 0021| prisoner of war; and | 0022| WHEREAS, in existing law, a member of the public employees | 0023| retirement association who entered an armed service of the | 0024| United States may purchase credited service for periods of | 0025| active duty; and | 0001| WHEREAS, the current policy of the state recognizes those | 0002| who have served their country under hardship and danger, | 0003| disrupting work time or development of a career without | 0004| contribution in either time or money toward a retirement plan; | 0005| and | 0006| WHEREAS, civilian prisoners of war captured while in | 0007| service to the United States while employed by a contractor of | 0008| the federal government should be allowed to purchase credited | 0009| service under the Public Employees Retirement Act on the same | 0010| basis as members who were in the United States armed services; | 0011| and | 0012| WHEREAS, concern has been raised that the qualified status | 0013| of the Public Employees Retirement Act as a governmental plan | 0014| is in jeopardy if service credit is granted to civilian | 0015| employees of private contractors with the federal government; | 0016| and | 0017| WHEREAS, if a plan fails to meet the qualification | 0018| requirements, the tax advantages to the plan and its members | 0019| could be lost during the period the qualification requirements | 0020| are not met; and | 0021| WHEREAS, the exception to the rule that Public Employees | 0022| Retirement Act service credit must be rendered to an affiliated | 0023| public employer or to an entity taken over by an affiliated | 0024| public employer is for military service, thus protecting | 0025| persons serving in the military from losing employment | 0001| benefits; and | 0002| WHEREAS, civilian prisoners of war have no such | 0003| protection; | 0004| NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE | 0005| STATE OF NEW MEXICO that the public employees retirement | 0006| association be requested to seek written tax advice from the | 0007| internal revenue service regarding the effect on the | 0008| association's tax status of allowing the purchase of service | 0009| credit by members who are former civilian prisoners of war and | 0010| were captured while employed by a contractor with the federal | 0011| government; and | 0012| BE IT FURTHER RESOLVED that a copy of this memorial be | 0013| transmitted to the public employees retirement association and | 0014| to the retirement board. | 0015|  | 0016| | 0017| FORTY-THIRD LEGISLATURE | 0018| FIRST SESSION, 1997 | 0019| | 0020| | 0021| March 6, 1997 | 0022| | 0023| Mr. President: | 0024| | 0025| Your RULES COMMITTEE, to whom has been referred | 0001| | 0002| SENATE JOINT MEMORIAL 39 | 0003| | 0004| has had it under consideration and reports same with | 0005| recommendation that it DO PASS. | 0006| | 0007| Respectfully submitted, | 0008| | 0009| | 0010| | 0011| | 0012| __________________________________ | 0013| Gloria Howes, Chairman | 0014| | 0015| | 0016| | 0017| Adopted_______________________ Not | 0018| Adopted_______________________ | 0019| (Chief Clerk) (Chief Clerk) | 0020| | 0021| | 0022| | 0023| Date ________________________ | 0024| | 0025| | 0001| The roll call vote was 6 For 0 Against | 0002| Yes: 6 | 0003| No: 0 | 0004| Excused: Altamirano, Gorham | 0005| Absent: None | 0006| | 0007| | 0008| SJ039RU1 | 0009| State of New Mexico | 0010| House of Representatives | 0011| | 0012| FORTY-THIRD LEGISLATURE | 0013| FIRST SESSION, 1997 | 0014| | 0015| | 0016| March 17, 1997 | 0017| | 0018| | 0019| Mr. Speaker: | 0020| | 0021| Your TAXATION AND REVENUE COMMITTEE, to whom has | 0022| been referred | 0023| | 0024| SENATE JOINT MEMORIAL 39 | 0025| | 0001| has had it under consideration and reports same with | 0002| recommendation that it DO PASS. | 0003| | 0004| Respectfully submitted, | 0005| | 0006| | 0007| | 0008| | 0009| Jerry W. Sandel, Chairman | 0010| | 0011| | 0012| Adopted Not Adopted | 0013| | 0014| (Chief Clerk) (Chief Clerk) | 0015| | 0016| Date | 0017| | 0018| The roll call vote was 11 For 0 Against | 0019| Yes: 11 | 0020| Excused: Lovejoy, Porter | 0021| Absent: None | 0022| | 0023| | 0024| G:\BILLTEXT\BILLW_97\SJ039 |