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(Parenthesis ( ) Indicate Revenue Decreases)

SOURCES OF INFORMATION

Public Employees Retirement Association of New Mexico (PERA)

SUMMARY

Synopsis of Bill

This bill would amend the Public Employees Retirement Act (Section 10-11-8 NMSA 1978). A retired public employee who returns to work for a public employer, will have their retirement benefits suspended upon the date of subsequent employment. Payment of benefits will resume upon termination of subsequent employment provided that the terms and conditions of retirement are in accordance with the retirement act.

This bill also strikes language that exempted chiefs of police and undersheriffs from the provisions set forth in this section of the retirement act.

Significant Issues

PERA questions whether a PERA retiree may be appointed chief of police or undersheriff without imposition of an earnings cap that may result in suspension of retirement annuity and the requirement to become a member of PERA.

FISCAL IMPLICATIONS

This bill would have little or no impact on the PERA retirement fund.

ADMINISTRATIVE IMPLICATIONS

None.

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