HB 183 — MAGISTRATE RETIREMENT CHANGES

d m :

b e d s º o t n = .229987.1SAAIC March 14, 2025 (11:51am) s k m e - 5 - e a n e d r e l u [ A d C.] B.

[D.] C.

Section 10-12C-9 NMSA 1978 (being Laws 1992, Chapter 118, Section 9, as amended by Laws 2014, Chapter 39, h Section 6 and by Laws 2014, Chapter 43, Section 6) is amended g o t hr to read:

g e i k "10-12C-9.

AMOUNT OF PENSION.-- h r i s A.

For a magistrate who was a member on June 30, h , t, 2014, the monthly pension is an amount equal to the sum of:

e u g e b l e e h (1) for service credit earned on or before n d d i = = o h June 30, 2014, the amount is equal to one-twelfth of:

lHB ]183/a bPage ,d5 iseventy-five apercent º(number eof seventy-fiveyears percentof rof isalary =received rservice tcredit, enot wduring dlast myear ain nX o.05 ofX salaryexceeding receivedfifteen (numberoffice ofprior yearsto ofyears, dplus mfive :retirement years);

band e(2) dfor sservice ºcredit oearned ton nand =after .229987.1SAAICJuly March1, 14,2014, 2025an (11:51am)amount sequal kto mone-sixtieth eof -the 6greatest -aggregate eamount aof nsalary ereceived dfor rsixty econsecutive, lbut unot [necessarily Acontinuous, dmonths during last year in Xoffice .05multiplied Xby servicethe officeproduct priorof tothree Hfl1ºand credit»Hfl1one-half ,percent retirementtimes notthe exceedingnumber fifteenof years,years plusof fiveservice years);credit.

andB. (2) for service credit earned on and after July 1, 2014, an amount equal to one-sixtieth of the greatest aggregate amount of salary received for sixty consecutive, but not necessarily continuous, months in office multiplied by the product of three and one-half percent times the [sum of the ] number of years of service Hfl1º credit»Hfl1 .

Hfl1ºB.For a magistrate who initially became a member on or after July 1, 2014, the amount of monthly pension is equal to the sum of:

For(1) afor magistrateservice whocredit initiallyearned became a member on orand after July 1, 2014, thebut amounton ofor monthlybefore pensionJune is30, 2025, an amount equal to one-sixtieth of the greatest aggregate amount of salary received for sixty consecutive, but not necessarily continuous, months in office multiplied by the product of three and one-half h percent times [the sum of] the number of years of service.»Hfl1service gcredit; o t hr Hfl1ºB.

Forand a(2) magistratefor whoservice initiallycredit becameearned aon gand eafter iJuly k1, member2025, onan oramount afterequal Julyto 1,one-sixtieth 2014,of the greatest aggregate amount of monthlysalary pensionreceived isfor hsixty rconsecutive, ibut snot equalnecessarily tocontinuous, months in office multiplied by the sumproduct of:of three and one-half percent times the number of HB 183/a Page 6 years of service credit.

hC. , t, e u g (1) for service credit earned on and after July e b l e e h 1, 2014, but on or before June 30, 2025, an amount equal to one- n d d i = = o h sixtieth of the greatest aggregate amount of salary received for l ] b ,d i a º e r i = r sixty consecutive, but not necessarily continuous, months in t e w d m a n o office multiplied by the product of three percent times the number d m :

bThe eamount dof smonthly ºpension ounder tform nof =payment .229987.1SAAICA Marchfor 14,a 2025pension (11:51am)calculated spursuant kto mSubsection eB -of 7this -section eshall anot nexceed eone dhundred rpercent eof lone- usixtieth [of Athe dgreatest ofaggregate yearsamount of servicesalary credit;received for sixty consecutive, but not necessarily continuous, months prior to the member leaving office.

and (2) for service credit earned on and after July 1, 2025, an amount equal to one-sixtieth of the greatest aggregate amount of salary received for sixty consecutive, but not necessarily continuous, months in office multiplied by the product of three and one-half percent times the number of years of service credit.»Hfl1 C.

The amount of monthly pension under form of payment A for a pension calculated pursuant to Subsection B of this section shall not exceed [eighty-five] one hundred percent of one- sixtieth of the greatest aggregate amount of salary received for sixty consecutive, but not necessarily continuous, months prior to the member leaving office.

The amount of monthly pension payable for a pension calculated pursuant to Subsection A of this section shall not exceed [eighty-five ] one hundred percent of one-sixtieth of the h greatest aggregate amount of salary received for sixty u » r consecutive, but not necessarily continuous, months prior to the t h g e l i member leaving office.

A pension benefit determined pursuant to h r i s this subsection shall not be less than the benefit earned as of h , e h June 30, 2014." t u g e b l e e , gh SECTION 4.

Section 10-12C-10 NMSA 1978 (being Laws 1992, n d d i = = o h Chapter 118, Section 10, as amended by Laws 2014, Chapter 39, l ] b ,d i a º r Section 7 and by Laws 2014, Chapter 43, Section 7) is amended to e r = t e w d m a n o read:

d"10-12C-10. m :

b r e t º o t n = .229987.1SAAIC March 14, 2025 (11:51am) s k m e - 8 - e a n e d r e l u [ A d "10-12C-10.

On and after July 1, 2014, but before July 1, 20252025, , members, while in office, shall contribute ten and one-halfone- half percent of salary to the member contribution fund.

On and after July 1, 2025, members, while in office, shall contribute fourteen and seventy-four hundredths HB 183/a Page 7 percent of salary to the member contribution fund.

[B.] C.

Member contributions picked up pursuant to the provisions of this section shall be treated as employer contributions for purposes of determining income tax obligations h under the Internal Revenue Code of 1986;

however, such picked-up u » r member contributions shall be included in the determination of the t h g e l i member's gross annual salary for all other purposes under federal h r i s and state laws.

Member contributions picked up pursuant to the h , e h provisions of this section shall continue to be designated member t u g e b l e e , gh contributions for all purposes of the Magistrate Retirement Act n d d i = = o h and shall be considered as part of the member's annual salary for l ] b ,d i a º r purposes of determining the amount of the member's contribution.

eThe rprovisions =of tthis esection ware dmandatory, mand athe nmember oshall Thehave provisionsno option concerning the pick up or concerning the receipt of thisthe sectioncontributed areamounts mandatory,directly andinstead of having the memberamounts shallpaid dby mthe :employer to the retirement system.

b r e t º o t n = .229987.1SAAIC March 14, 2025 (11:51am) s k m e - 9 - e a n e d r e l u [ A d have no option concerning the pick up or concerning the receipt of the contributed amounts directly instead of having the amounts paid by the employer to the retirement system.

In no event may implementation occur other than at the beginning of HB 183/a Page 8 a pay period applicable to the member." SECTION 5.

[The state, through the administrative office of the courts, shall contribute to the fund fifteen percent of salary for each member in office, except that, from July 1, 2014 through June 30, 2015, the state contribution rate shall be eleven percent of salary for each member in office] On and after July 1, 2025, h the member's court shall contribute nineteen and twenty-four g o t hr hundredths percent of salary to the fund for each member in g e i k office.

h r i s B.

Twenty-five dollars ($25.00) from each civil case h , t, docket fee paid in magistrate court and ten dollars ($10.00) from e u g e b l e e h each civil jury fee paid in magistrate court shall be paid by the n d d i = = o h court clerk to the employer's accumulation fund." l ] b ,d i a º e Hfl1º SECTION 6.

APPLICABILITY.--The provisions of r i = r t e w d m a n o Subsections C and D of Section 3 of this act apply to credited dservice mperformed :after the effective date of this act.

bAny ecredited dservice sperformed ºor oamount tof npension =earned .229987.1SAAICprior Marchto 14,the 2025effective (11:51am)date sof kthis mact eshall -not 10be -calculated eor aadjusted nto econform dto r e l u [ A d service performed after the effectiveprovisions date of this act.

Any 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.»Hfl1 SECTION Hfl1º6.»Hfl17. Hfl1º7.»Hfl1 EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2025.

-EFFECTIVE 11DATE.--The -effective »date gof othe »provisions rof hthis tact iis kJuly l1, i2025. g t h s , e h t l i w l b l e e , g n d l h = = b , a l º d i a r e r = , a t e d m a n o d m :

bHB r183/a ePage t9 º25 o t n = .229987.1SAAIC March 14, 2025 (11:51am) s k em e e a n e d r e l u [ A d