2020 New Mexico Statutes
Chapter 10 - Public Officers and Employees
Article 11 - Retirement of Public Officers and Employees Generally
Section 10-11-49 - Municipal general member coverage plan 1; affiliated public employer contribution rate.

An affiliated public employer shall contribute the following percentages of the salary of each member it employs and who is covered under municipal general member coverage plan 1:

A. prior to July 1, 2022, seven and sixty-five hundredths percent of salary;

B. beginning July 1, 2022 and continuing through June 30, 2023, eight and fifteen-hundredths percent of salary;

C. beginning July 1, 2023 and continuing through June 30, 2024, eight and sixty-five hundredths percent of salary;

D. beginning July 1, 2024 and continuing through June 30, 2025, nine and fifteen-hundredths percent of salary; and

E. beginning July 1, 2025 and thereafter, nine and sixty-five hundredths percent of salary.

History: Laws 1987, ch. 253, § 49; 2013, ch. 225, § 34; 2019, ch. 237, § 3; 2020, ch. 11, § 18.

The 2020 amendment, effective July 1, 2020, increased affiliated public employer contribution rates by .5 percent each year for four years; in the introductory clause, after "shall contribute", deleted "seven and sixty-five hundredths percent" and added "the following percentages"; and added new Subsections A through E.

The 2019 amendment, effective July 1, 2019, increased employer contribution rates to the funds included under the Public Employees Retirement Act; after "shall contribute seven and", deleted "four-tenths" and added "sixty-five hundredths", and after "member coverage plan 1", deleted "except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be seven percent of the salary of each member".

The 2013 amendment, effective July 1, 2013, increased the employer contribution rate; after "contribute seven", added "and four-tenths"; and after "coverage plan 1", added the remainder of the sentence.

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.