SB 124 — PUBLIC EMPLOYEES RETURNING TO WORK

Effective July 1, 2014, if a retired member who, el t] 17b ,d i a º r subsequent to retirement, is employed and covered pursuant to we lr n= t e w d 18m a n o the provisions of the Magistrate Retirement Act or Judicial =d =m 19: a l Retirement Act, during the period of subsequent employment:

ib ar e rt 20º (1)o thet membern shall= be.223895.1GLGAIC entitledMarch to13, receive2023 a(5:39pm) ts mk m 21e retirement- benefits;5 - e a n e d r e l u [ A d Retirement Act, during the period of subsequent employment:

d(1) r e 22 (2) the retiredmember member's cost-of-living c e s k 23 pension adjustment shall be suspendedentitled uponto commencementreceive ofretirement thebenefits; e a n b 24 employment;

and(2) u [ (3) upon termination of the employment, the .223895.1GLG - 5 - retired member's suspended cost-of-living pension adjustment shall be reinstatedsuspended asupon providedcommencement underof Sectionthe 10-11-118employment; NMSA 1978.

and (3) upon termination of the employment, the retired member's suspended cost-of-living pension adjustment shall be reinstated as provided under Section 10-11-118 NMSA 1978.

(1) the pension of a member who has three or more years of service credit earned on or before June 30, 2013 under each of two or more coverage plans shall be determined in h accordance with the coverage plan that produces the highest u » r pension;

t h g e l i (2) the pension of a member who has service h r i s credit earned on or before June 30, 2013 under two or more h , e h coverage plans but who has three or more years of service t u g e b l e e , gh credit under only one of those coverage plans shall be n d d i = = o h determined in accordance with the coverage plan in which the el t] 17b ,d i a º r member has three or more years of service credit.

If the w l n d 18 service credit is acquired under two different coverage plans = = 19 a l applied to the same affiliated public employer as a consequence i a e r 20= of an election by the members, adoption by the affiliated a t me mw 21 public employer or a change in the law that results in the d rm e 22 application of a coverage plan with a greater pension, the c e s k 23 greater pension shall be paid a member retiring from the e a n bo 24 affiliated public employer under which the change in coverage u [ plan took place regardless of the amount of service credit .223895.1GLGis -acquired 6 - under thetwo different coverage planplans producingd them greater: pension;

b r e t º o t n = .223895.1GLGAIC March 13, 2023 (5:39pm) s k m e - 6 - e a n e d r e l u [ A d applied to the same affiliated public employer as a consequence of an election by the members, adoption by the affiliated public employer or a change in the law that results in the application of a coverage plan with a greater pension, the greater pension shall be paid a member retiring from the affiliated public employer under which the change in coverage plan took place regardless of the amount of service credit under the coverage plan producing the greater pension;

(3) the pension of a member who has service credit earned on or before June 30, 2013 under each of two or more coverage plans and who has service credit earned under any coverage plan on or after July 1, 2013 shall be equal to the h sum of:

u » r (a) the pension attributable to the t h g e l i service credit earned on or before June 30, 2013 determined h r i s pursuant to Paragraph (1) or (2) of this subsection;

and h , e h (b) the pension attributable to the t u g e b l e e , gh service credit earned under each coverage plan on or after July n d d i = = o h 1, 2013;

el t] 17b ,d i a º r (4) the pension of a member who has service we lr n= t e w d 18m a n o credit earned only on and after July 1, 2013 shall be equal to =d =m 19: a l the sum of the pension attributable to the service credit the i a e r 20 member has accrued under each coverage plan;

andb ar e t mº mo 21t (5)n the= provisions.223895.1GLGAIC ofMarch each13, coverage2023 plan(5:39pm) fors dk rm e 22- the7 purpose- ofe thisa subsectionn shalle bed thoser ine effectl atu the[ cA ed sthe ksum 23of time the memberpension ceasedattributable to bethe coveredservice bycredit the member has accrued under each coverage plan.plan;

eand a(5) nthe bprovisions 24of "Serviceeach credit",coverage plan for the purposespurpose of this subsection,subsection shall be uthose [in onlyeffect personalat servicethe renderedtime anthe affiliatedmember publicceased employer .223895.1GLG - 7 - and credited to thebe membercovered underby the provisionscoverage ofplan. Subsection A of Section 10-11-4 NMSA 1978.

"Service credit", for the purposes of this subsection, shall be only personal service rendered an affiliated public employer and credited to the member under the provisions of Subsection A of Section 10-11-4 NMSA 1978.

NotwithstandingSfl1ºSHPACºNotwithstanding»SHPAC SHPACºBeginning July 1, 2023 and continuing through July 1, 2029, notwithstanding»SHPAC»Sfl1 Sfl1ºBeginning July 1, 2023 and continuing through July 1, 2027, notwithstanding»Sfl1 the h provisions of any other subsection of this section, a retired u » r member may be subsequently employed by an affiliated public t h g e l i employer;

provided that the retired member has not been h r i s employed as an employee of an affiliated public employer or h , e h retained as an independent contractor by the affiliated public t u g e b l e e , gh employer from which the retired member retired for at least n d d i = = o h twelve consecutive months from the date of retirement to the l ] b ,d i a º r commencement of subsequent employment or reemployment with an e r = t e w d m a n o affiliated public employer;

(1) retired member's pension, including any e t 17 cost-of-living adjustment, shall continue to be paid during the w l n d 18m period: of subsequent employment;

=b r e t º o t n = 19.223895.1GLGAIC aMarch l13, (2)2023 retired(5:39pm) members shallk notm becomee a- member8 i- e a n e d r 20e l u [ A d (1) retired member's pension, including any cost-of-living adjustment, shall continue to be paid during the period of subsequent employment;

a(2) t m m 21 (3) retired member shall not accruebecome servicea dmember rduring e 22 credit for any portion of the period of subsequent employment;

c(3) e s k 23 (4) retired member and the retired member's e a n b 24 subsequent affiliated public employer shall makenot theaccrue uservice [credit contributions that would be required for membersany andportion employersof .223895.1GLG - 8 - under the applicable coverage plan during the entire period of subsequent employment;

(4) retired member and the retired member's subsequent affiliated public employer shall make the contributions that would be required for members and employers under the applicable coverage plan during the entire period of subsequent employment;

and h (6) retired member returns to employment for a g o t hr period of no more than thirty-six consecutive or nonconsecutive g e i k months pursuant to this subsection." h r i s SECTION 2.

Section 10-11-26.3 NMSA 1978 (being Laws 1994, h , t, Chapter 128, Section 4, as amended) is amended to read:

e u g e b l e e h "10-11-26.3.

STATE GENERAL MEMBER COVERAGE PLAN 3--AMOUNT n d d i = = o h OF PENSION--FORM OF PAYMENT A.--Under state general member l ] b ,d i a º e coverage plan 3:

r i = r t e w d m a n o A.

for a member with age and service requirements provided under Paragraph (1) or (3) of Subsection A of Section e t 17 10-11-26.2 NMSA 1978, the amount of pension under form of w l n d 18m payment: A is equal to three percent of final average salary = = 19 a l multiplied by service credit.

Theb amounte shalld nots exceedº io t n = .223895.1GLGAIC March 13, 2023 (5:39pm) s k m e - 9 - e a n e d r 20e [ninety]l oneu hundred[ percentA d provided under Paragraph (1) or (3) of Subsection A of Section 10-11-26.2 NMSA 1978, the amount of pension under form of payment A is equal to three percent of final average salary;salary multiplied by service credit.

andThe aamount tshall mnot mexceed 21[ninety B.] one hundred percent of the final average salary;

for a member with age and serviceB. requirements d r e 22 provided under Paragraph (2) of Subsection A of Section c e s k 23 10-11-26.2 NMSA 1978, the amount of pension under form of e a n b 24 payment A is equal to two and one-half percent of the final u [ average salary multiplied by service credit.

Thefor a member with age and service requirements provided under Paragraph (2) of Subsection A of Section 10-11-26.2 NMSA 1978, the amount shallof .223895.1GLGpension -under 9form -of notpayment exceedA [ninety]is oneequal hundredto two and one-half percent of the final average salary."salary SECTIONmultiplied 3.by service credit.

The amount shall not exceed [ninety ] one hundred percent of the final average salary." SECTION 3.

STATE POLICE MEMBER, CORRECTIONAL OFFICER MEMBER AND PROBATION AND PAROLE OFFICER MEMBER COVERAGE PLAN h 1--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under state police g o t hr member, correctional officer member and probation and parole g e i k officer member coverage plan 1, the amount of pension under h r i s form of payment A is equal to three percent of final average h , t, salary multiplied by credited service.

The amount shall not e u g e b l e e h exceed [ninety][ninety ] one hundred percent of the final average n d d i = = o h salary." l ] b ,d i a º e SECTION 4.

Section 10-11-38.3 NMSA 1978 (being Laws 1994, r i = r t e w d m a n o Chapter 128, Section 11, as amended) is amended to read:

"10-11-38.3.d m :

JUVENILEb CORRECTIONAL OFFICER MEMBER e td 17s COVERAGEº PLANo 2--AMOUNTt OF PENSION--FORM OF PAYMENT A.--Under w l n d 18 juvenile correctional officer member coverage plan 2, the = =.223895.1GLGAIC 19March a13, l2023 amount(5:39pm) ofs pensionk underm forme of- payment10 A- ise equala ton threee id ar e rl 20u percent[ ofA finald average"10-11-38.3. salary multiplied by service credit.

aJUVENILE tCORRECTIONAL mOFFICER mMEMBER 21COVERAGE ThePLAN amount2--AMOUNT shallOF notPENSION--FORM exceedOF [ninety]PAYMENT oneA.--Under hundredjuvenile percentcorrectional ofofficer member coverage plan 2, the damount rof epension 22under finalform averageof salary."payment cA eis sequal kto 23three SECTIONpercent 5.of final average salary multiplied by service credit.

SectionThe 10-11-46amount NMSAshall 1978not (beingexceed Laws[ninety 1987,] eone ahundred npercent bof 24the Chapterfinal 253,average Sectionsalary." 46,SECTION as5. amended) is amended to read:

uSection [10-11-46 "10-11-46.NMSA 1978 (being Laws 1987, Chapter 253, Section 46, as amended) is amended to read:

MUNICIPAL"10-11-46. GENERAL MEMBER COVERAGE PLAN 1-- .223895.1GLG - 10 - AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal general member coverage plan 1, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by credited service.

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 1-- AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal general member coverage plan 1, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by credited service.

Section 10-11-52 NMSA 1978 (being Laws 1987, h Chapter 253, Section 52, as amended) is amended to read:

g o t hr "10-11-52.

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 2-- g e i k AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal general h r i s member coverage plan 2:

h , t, A.

for a member with age and service requirements e u g e b l e e h provided in Subsection A of Section 10-11-51 NMSA 1978, the n d d i = = o h amount of pension under form of payment A is equal to two and l ] b ,d i a º e one-half percent of the final average salary multiplied by r i = r t e w d m a n o credited service.

The amount shall not exceed [ninety ] one d m :

b e d s º o t n = .223895.1GLGAIC March 13, 2023 (5:39pm) s k m e - 11 - e a n e d r e l u [ A d hundred percent of the final average salary;

and B.

for a member with age and service requirements provided in Subsection B of Section 10-11-51 NMSA 1978, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by service credit.

The amount shall not exceed [ninety ] one hundred percent of the final average salary." SECTION 7.

Section 10-11-55.3 NMSA 1978 (being Laws 1993, Chapter 58, Section 3, as amended) is amended to read:

"10-11-55.3.

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 3-- AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal general member coverage plan 3:

for a member with age and service requirements provided inunder Subsection A of Section 10-11-5110-11-55.2 NMSA 1978, the amount of pension under form of payment A is equal to twothree and one-half percent of the final average salary multiplied by credited h service.

The amount shall not exceed [ninety][ninety ] one hundred g o t hr percent of the final average salary;

and g e ti 17k B.

for a member with age and service requirements wh lr ni ds 18 provided inunder Subsection B of Section 10-11-5110-11-55.2 NMSA 1978, theh =, =t, 19the a l amount of pension under form of payment A is equal to two ie au g e rb 20l e e h and one-half percent of the final average salary multiplied by servicen ad td mi m= 21= credit.o h credited service.

The amount shall not exceed [ninety][ninety ] one hundredl d] rb ,d i a º e 22hundred percent of the final average salary." cr i = r t e sw kd 23m a n o SECTION 7.8.

Section 10-11-55.310-11-55.9 NMSA 1978 (being Laws 1993,1998, ed am n: b 24 Chapter 58, Section 3, as amended) is amended to read:

b e d s º o t n = .223895.1GLGAIC March 13, 2023 (5:39pm) s k m e - 12 - e a n e d r e l u [ "10-11-55.3.A d Chapter 106, Section 3, as amended) is amended to read:

MUNICIPAL"10-11-55.9. GENERAL MEMBER COVERAGE PLAN 3-- .223895.1GLG - 11 - AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal general member coverage plan 3:

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 4-- AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal general member coverage plan 4:

for a member with age and service requirements provided under Subsection A of Section 10-11-55.210-11-55.8 NMSA 1978, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service.

The amount shall not exceed [ninety][ninety ] one hundred percent of the final average salary;

for a member with age and service requirements provided under Subsection B of Section 10-11-55.2 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by credited service.

The amount shall not exceed [ninety] one hundred percent of the final average salary." SECTION 8.

Section 10-11-55.9 NMSA 1978 (being Laws 1998, Chapter 106, Section 3, as amended) is amended to read:

e t 17 "10-11-55.9.

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 4-- w l n d 18 AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal general = = 19 a l member coverage plan 4:

i a e r 20 A.

for a member with age and service requirements a t m m 21 provided under Subsection A of Section 10-11-55.8 NMSA 1978, d r e 22 the amount of pension under form of payment A is equal to three c e s k 23 percent of the final average salary multiplied by credited e a n b 24 service.

The amount shall not exceed [ninety] one hundred u [ percent of the final average salary;

and .223895.1GLG - 12 - B.

The amount shall not exceed [ninety][ninety ] one hundred percent of the final average salary." h SECTION 9.

Section 10-11-58 NMSA 1978 (being Laws 1987, g o t hr Chapter 253, Section 58, as amended) is amended to read:

g e i k "10-11-58.

MUNICIPAL POLICE MEMBER COVERAGE PLAN 1-- h r i s AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal police h , t, member coverage plan 1, the amount of pension under form of e u g e b l e e h payment A is equal to two percent of the final average salary n d d i = = o h multiplied by credited service.

The amount shall not exceed l ] b ,d i a º e [ninety] one hundred percent of the final average salary." r i = r t e w d m a n o SECTION 10.

Section 10-11-64 NMSA 1978 (being Laws 1987, Chapterd 253,m Section: 64, as amended) is amended to read:

b e d s º o t 17n "10-11-64.= .223895.1GLGAIC March 13, 2023 (5:39pm) s k m e - 13 - e a n e d r e l u [ A d Chapter 253, Section 64, as amended) is amended to read:

MUNICIPAL"10-11-64. POLICE MEMBER COVERAGE PLAN 2-- w l n d 18 AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal police = = 19 a l member coverage plan 2:

iMUNICIPAL aPOLICE eMEMBER rCOVERAGE 20PLAN A.2-- AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal police member coverage plan 2:

forA. a member with age and service requirements a t m m 21 provided under Subsection A of Section 10-11-63 NMSA 1978, the d r e 22 amount of pension under form of payment A is equal to two and c e s k 23 one-half percent of the final average salary multiplied by e a n b 24 credited service.

Thefor a member with age and service requirements provided under Subsection A of Section 10-11-63 NMSA 1978, the amount shallof notpension exceedunder [ninety]form oneof upayment [A hundredis equal to two and one-half percent of the final average salary;salary multiplied by credited service.

andThe .223895.1GLGamount -shall 13not -exceed B.[ninety ] one hundred percent of the final average salary;

and B.

The amount shall not exceed [ninety][ninety ] one hundred percent of the final average salary." h SECTION 11.

Section 10-11-70 NMSA 1978 (being Laws 1987, g o t hr Chapter 253, Section 70, as amended) is amended to read:

g e i k "10-11-70.

MUNICIPAL POLICE MEMBER COVERAGE PLAN 3-- h r i s AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal police h , t, member coverage plan 3:

e u g e b l e e h A.

for a member with age and service requirements n d d i = = o h provided under Subsection A of Section 10-11-69 NMSA 1978, the l ] b ,d i a º e amount of pension under form of payment A is equal to two and r i = r t e w d m a n o one-half percent of the final average salary multiplied by d m :

b e d s º o t n = .223895.1GLGAIC March 13, 2023 (5:39pm) s k m e - 14 - e a n e d r e l u [ A d credited service.

The amount shall not exceed [ninety] one hundred percent of the final average salary;

and B.

for a member with age and service requirements provided under Subsection B of Section 10-11-69 NMSA 1978, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by credited service.

The amount shall not exceed [ninety ] one hundred percent of the final average salary." SECTION 12.

Section 10-11-76 NMSA 1978 (being Laws 1987, Chapter 253, Section 76, as amended) is amended to read:

"10-11-76.

MUNICIPAL POLICE MEMBER COVERAGE PLAN 4-- AMOUNT OF PENSION--FORM OF [PENSION ] PAYMENT A.--Under municipal police member coverage plan 4:

for a member with age and service requirements provided under Subsection A of Section 10-11-6910-11-75 NMSA 1978, the amount of pension under form of payment A is equal to twothree andh one-half percent of the final average salary multiplied by credited g o t hr service.

The amount shall not exceed [ninety][ninety ] one ehundred tg 17e hundredi k percent of the final average salary;

and wh lr ni ds 18 B.

for a member with age and service requirements =h =, 19t, a l provided under Subsection B of Section 10-11-6910-11-75 NMSA 1978, the ie au g e rb 20l e e h amount of pension under form of payment A is equal to two aand tn md md 21i = = o h one-half percent of the final average salary multiplied by creditedl d] rb ,d i a º e 22credited service.

The amount shall not exceed [ninety][ninety ] one hundredr ci = r t e sw kd 23m a n o hundred percent of the final average salary." ed am n: b 24 SECTION 12.

Sectionb 10-11-76e NMSAd 1978s (beingº Lawso 1987,t un [= Chapter.223895.1GLGAIC 253,March Section13, 76,2023 as(5:39pm) amended)s isk amendedm toe read:- 15 - e a n e d r e l u [ A d SECTION 13.

.223895.1GLGSection -10-11-82 14NMSA -1978 "10-11-76.(being Laws 1987, Chapter 253, Section 82, as amended) is amended to read:

MUNICIPAL"10-11-82. POLICE MEMBER COVERAGE PLAN 4-- AMOUNT OF PENSION--FORM OF [PENSION] PAYMENT A.--Under municipal police member coverage plan 4:

MUNICIPAL POLICE MEMBER COVERAGE PLAN 5-- AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal police member coverage plan 5:

for a member with age and service requirements provided under Subsection A of Section 10-11-7510-11-81 NMSA 1978, the amount of pension under form of payment A is equal to three and one-half percent of the final average salary multiplied by credited service.

The amount shall not exceed [ninety][ninety ] one hundred percent of the final average salary;

for a member with age and service requirements provided under Subsection B of Section 10-11-75 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by credited service.

The amount shall not exceed [ninety] one hundred percent of the final average salary." SECTION 13.

Section 10-11-82 NMSA 1978 (being Laws 1987, e t 17 Chapter 253, Section 82, as amended) is amended to read:

w l n d 18 "10-11-82.

MUNICIPAL POLICE MEMBER COVERAGE PLAN 5-- = = 19 a l AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal police i a e r 20 member coverage plan 5:

a t m m 21 A.

for a member with age and service requirements d r e 22 provided under Subsection A of Section 10-11-81 NMSA 1978, the c e s k 23 amount of pension under form of payment A is equal to three and e a n b 24 one-half percent of the final average salary multiplied by u [ credited service.

The amount shall not exceed [ninety] one .223895.1GLG - 15 - hundred percent of the final average salary;

and B.

The amount shall not exceed [ninety][ninety ] one hundred h percent of the final average salary." g o t hr SECTION 14.

Section 10-11-88 NMSA 1978 (being Laws 1987, g e i k Chapter 253, Section 88, as amended) is amended to read:

h r i s "10-11-88.

MUNICIPAL FIRE MEMBER COVERAGE PLAN 1--AMOUNT h , t, OF PENSION--FORM OF PAYMENT A.--Under municipal fire member e u g e b l e e h coverage plan 1, the amount of pension under form of payment A n d d i = = o h is equal to two percent of the final average salary multiplied l ] b ,d i a º e by credited service.

The amount shall not exceed [ninety][ninety ] one r i = r t e w d m a n o hundred percent of the final average salary." SECTIONd 15.m :

Sectionb 10-11-94e NMSAd 1978s (beingº Lawso 1987,t n = .223895.1GLGAIC March 13, 2023 (5:39pm) s k m e t- 1716 Chapter- 253,e Sectiona 94,n ase amended)d isr amendede tol read:u [ A d SECTION 15.

wSection l10-11-94 nNMSA d1978 18(being "10-11-94.Laws 1987, Chapter 253, Section 94, as amended) is amended to read:

MUNICIPAL"10-11-94. FIRE MEMBER COVERAGE PLAN 2--AMOUNT = = 19 a l OF PENSION--FORM OF PAYMENT A.--Under municipal fire member i a e r 20 [contribution] coverage plan 2:

aMUNICIPAL tFIRE mMEMBER mCOVERAGE 21PLAN A.2--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal fire member [contribution] coverage plan 2:

forA. a member with age and service requirements d r e 22 provided under Subsection A of Section 10-11-93 NMSA 1978, the c e s k 23 amount of pension under form of payment A is equal to two and e a n b 24 one-half percent of the final average salary multiplied by u [ credited service.

Thefor a member with age and service requirements provided under Subsection A of Section 10-11-93 NMSA 1978, the amount shallof notpension exceedunder [ninety]form oneof .223895.1GLGpayment -A 16is -equal hundredto two and one-half percent of the final average salary;salary multiplied by credited service.

The amount shall not exceed [ninety ] one hundred percent of the final average salary;

The amount shall not exceed [ninety][ninety ] one hundred h percent of the final average salary." g o t hr SECTION 16.

Section 10-11-100 NMSA 1978 (being Laws 1987, g e i k Chapter 253, Section 100, as amended) is amended to read:

h r i s "10-11-100.

MUNICIPAL FIRE MEMBER COVERAGE PLAN 3--AMOUNT h , t, OF PENSION--FORM OF PAYMENT A.--Under municipal fire member e u g e b l e e h coverage plan 3:

n d d i = = o h A.

for a member with age and service requirements l ] b ,d i a º e provided under Subsection A of Section 10-11-99 NMSA 1978, the r i = r t e w d m a n o amount of pension under form of payment A is equal to two and one-halfd percentm of: the final average salary multiplied by e t 17 credited service.

Theb amounte shalld nots exceedº [ninety]o onet wn l= .223895.1GLGAIC March 13, 2023 (5:39pm) s k m e - 17 - e a n e d 18r hundrede l u [ A d one-half percent of the final average salary;salary multiplied by credited service.

andThe =amount =shall 19not aexceed l[ninety B.] one hundred percent of the final average salary;

for a member with age and serviceB. requirements i a e r 20 provided under Subsection B of Section 10-11-99 NMSA 1978, the a t m m 21 amount of pension under form of payment A is equal to two d r e 22 percent of the final average salary multiplied by credited c e s k 23 service.

Thefor a member with age and service requirements provided under Subsection B of Section 10-11-99 NMSA 1978, the amount shallof notpension exceedunder [ninety]form oneof hundredpayment eA ais nequal bto 24two percent of the final average salary."salary umultiplied [by SECTIONcredited 17.service.

SectionThe 10-11-106amount NMSAshall 1978not (beingexceed Laws[ninety 1987,] .223895.1GLGone -hundred 17percent -of Chapterthe 253,final Sectionaverage 106,salary." asSECTION amended)17. is amended to read:

Section 10-11-106 NMSA 1978 (being Laws 1987, Chapter 253, Section 106, as amended) is amended to read:

for a member with age and service requirements provided under Subsection A of Section 10-11-105 NMSA 1978, the h amount of pension under form of payment A is equal to three g o t hr percent of the final average salary multiplied by credited g e i k service.

The amount shall not exceed [ninety][ninety ] one hundred h r i s percent of the final average salary;

and h , t, B.

for a member with age and service requirements e u g e b l e e h provided under Subsection B of Section 10-11-105 NMSA 1978, the n d d i = = o h amount of pension under form of payment A is equal to two and l ] b ,d i a º e one-half percent of the final average salary multiplied by r i = r t e w d m a n o credited service.

The amount shall not exceed [ninety ] one d m :

b e d s º o t n = .223895.1GLGAIC March 13, 2023 (5:39pm) s k m e - 18 - e a n e d r e l u [ A d hundred percent of the final average salary." SECTION 18.

Section 10-11-112 NMSA 1978 (being Laws 1987, Chapter 253, Section 112, as amended) is amended to read:

"10-11-112.

MUNICIPAL FIRE MEMBER COVERAGE PLAN 5--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal fire member coverage plan 5:

A.

for a member with age and service requirements provided under Subsection A of Section 10-11-111 NMSA 1978, the amount of pension under form of payment A is equal to three and one-half percent of the final average salary multiplied by credited service.

The amount shall not exceed [ninety ] one hundred percent of the final average salary;

for a member with age and service requirements provided under Subsection B of Section 10-11-10510-11-111 NMSA 1978, the amount of pension under form of payment A is equal to twothree and one-half percent of the final average salary multiplied by credited h service.

The amount shall not exceed [ninety][ninety ] one hundred g o t hr percent of the final average salary." g e ti 17k SECTION 18.19.

Section 10-11-11210-11-115.3 NMSA 1978 (being Laws 1987,h wr li ns d2003, 18 Chapter 253,268, Section 112,4, as amended) is amended to read:

=h =, 19t, a"10-11-115.3. l "10-11-112.

MUNICIPAL FIREDETENTION OFFICER MEMBER COVERAGE PLANe 5--AMOUNTu ig ae b l e re 20h PLAN 1--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal firen d d i = = o h detention officer member coverage plan 1, the amount of pension l ] b ,d i a º e under form of payment A is equal to three percent of the final r i = r t me w d m 21a coveragen plano 5:average salary multiplied by credited service.

dThe ramount ed 22m A.:

forb ae memberd withs ageº ando servicet requirementsn c= e.223895.1GLGAIC sMarch k13, 232023 provided(5:39pm) unders Subsectionk Am ofe Section- 10-11-11119 NMSA- 1978, e a n be 24d ther amounte ofl pensionu under[ form of payment A isd equalshall tonot threeexceed u[ninety] [one andhundred one-half percent of the final average salarysalary." multipliedSECTION by20. .223895.1GLG - 18 - credited service.

TheAPPLICABILITY.--The amountprovisions shallof notSections exceed2 [ninety]through one19 hundredof percentthis ofact apply to credited service performed on or after the finaleffective averagedate salary;of this act.

andAny B.credited service performed or amount of pension earned prior to the effective date of this act shall not be calculated or adjusted to conform to the provisions of this act.

forSECTION a21. member with age and service requirements provided under Subsection B of Section 10-11-111 NMSA 1978, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service.

TheEFFECTIVE amountDATE.--The shalleffective notdate exceedof [ninety]the oneprovisions hundred percent of thethis finalact averageis salary."July SECTION1, 19.2023.

Section- 10-11-115.320 NMSA- 1978» (beingg Lawso 2003,» Chapterr 268,h Sectiont 4,i ask amended)l isi amendedg tot read:h s , e h t l i w l b l e e , gh n d l h = = b , a l º d i a r e r = , a t e d m a n o d m :

"10-11-115.3.b r e t º o t n = .223895.1GLGAIC March 13, 2023 (5:39pm) s k m e e a n e d r e l u [ A d

MUNICIPAL DETENTION OFFICER MEMBER COVERAGE PLAN 1--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal detention officer member coverage plan 1, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service.

The amount shall not exceed [ninety] one hundred percent of the final e t 17 average salary." w l n d 18 SECTION 20.

APPLICABILITY.--The provisions of Sections 2 = = 19 a l through 19 of this act apply to credited service performed on i a e r 20 or after the effective date of this act.

Any credited service a t m m 21 performed or amount of pension earned prior to the effective d r e 22 date of this act shall not be calculated or adjusted to conform c e s k 23 to the provisions of this act.

e a n b 24 SECTION 21.

EFFECTIVE DATE.--The effective date of the u [ provisions of this act is July 1, 2023.

.223895.1GLG - 19 -