2018 New Mexico Statutes
Chapter 10 - Public Officers and Employees
Article 11 - Retirement of Public Officers and Employees Generally
Section 10-11-55.5 - Municipal general member coverage plan 3; member contribution rate.
A member under municipal general member coverage plan 3 shall contribute thirteen and fifteen-hundredths percent of salary starting with the first full pay period in the calendar month in which municipal general member coverage plan 3 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute fourteen and sixty-five hundredths percent of salary.
History: 1978 Comp., § 10-11-55.5, enacted by Laws 1993, ch. 58, § 5; 2013, ch. 225, § 41.
The 2013 amendment, effective July 1, 2013, increased the employee contribution rate for employees earning more than twenty thousand dollars in salary annually; deleted the entire section which provided for employee contributions at a rate of thirteen and fifteen one-hundredths percent of salary; and added the current language.
Severability. — Laws 2013, ch. 225, § 93 provided that if any part or application of Laws 2013, ch. 225 is held invalid, the remainder or its application to other situations or persons shall not be affected.
