SB 72 — PERA SOLVENCY

"former member" means a person who was d m :

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 3 - e a n e d r e l u [ A d previously employed by an affiliated public employer, who has terminated that employment and who has received a refund of member contributions;

[L.] M.

[M.] N.

(1) "adult correctional officer member" SB 72 Page 3 means a member who is employed as an adult correctional officer or an adult correctional officer specialist by a state correctional facility of the corrections department or its successor agency;

(2) "adult probation and parole officer h member" means a member who is employed as a probation and u » r parole officer by the corrections department or its successor t h g e l i agency;

h r i s [(2)] (3) "juvenile correctional officer h , e h member" means a member who is employed as a juvenile t u g e b l e e , gh correctional officer by the children, youth and families n d d i = = o h department or its successor agency;

l ] b ,d i a º r (4) "juvenile probation and parole officer e r = t e w d m a n o member" means a member who is employed as a probation and dparole mofficer :by the children, youth and families department or its successor agency;

b(5) r"municipal edetention tofficer ºmember" omeans ta nmember =who .215849.5GLGAICis Februaryemployed 12,by 2020an (6:22affiliated pm)public semployer kother mthan ethe -state 4and -who ehas ainmate ncustodial eresponsibilities dat ra efacility lused ufor [the Aconfinement dof parolepersons officercharged bywith theor children,convicted youthof anda familiesviolation departmentof ora itslaw successoror agency;ordinance;

[(3)](6) (5) "municipal detentionfire officer member" means aany member who is employed as a full-time nonvolunteer firefighter by an affiliated public employer other than the state and who has inmatetaken custodial responsibilities at a facility used for the confinementoath ofSB persons72 chargedPage with4 orprescribed convictedfor offirefighters; a violation of a law or ordinance;

[(4)](7) (6) "municipal firepolice member" means any member who is employed as a full-timepolice nonvolunteerofficer firefighter by an affiliated public employeremployer, other than the state, and who has taken the oath prescribed for firefighters;police officers;

[(5)]and (7)(8) "municipal"state police member" means anya member who is employedan asofficer of the New Mexico state police and who has taken the oath prescribed for such officers, except that a state police officermember byshall annot affiliatedinclude publica employer,member otherwho thanis an officer of the state,New Mexico state police division and who haswas takencertified and commissioned as of June 30, 2015 in the oathformer prescribedmotor fortransportation policedivision officers;or the former special investigations division of the department of public safety;

andO. h [(6)] (8) "state police member" means a member g o t hr who is an officer of the New Mexico state police and who has g e i k taken the oath prescribed for such officers, except that a h r i s state police member shall not include a member who is an h , t, officer of the New Mexico state police division and who was e u g e b l e e h certified and commissioned as of June 30, 2015 in the former n d d i = = o h motor transportation division or the former special l ] b ,d i a º e investigations division of the department of public safety;

r"membership" imeans =membership rin tthe eassociation; w d m a n o [N.] O.

"membership"P. means membership in the d m :

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 5 - e a n e d r e l u [ A d association;

[O.] P.

[P.] Q.

"public employer" means the state, any municipality, city, county, metropolitan arroyo flood control authority, economic development district, regional housing authority, soil and water conservation district, entity created pursuant to a joint powers agreement, council of government, conservancy district, irrigation district, water and sanitation district, water district and metropolitan SB 72 Page 5 water board, including the boards, departments, bureaus and agencies of a public employer, so long as these entities fall within the meaning of governmental plan as that term is used in Section 414(d) of the Internal Revenue Code of 1986, as amended;

[Q.] R.

"refund beneficiary" means a person h designated by the member, in writing, in the form prescribed by u » r the association, as the person who would be refunded the t h g e l i member's accumulated member contributions payable if the member h r i s dies and no survivor pension is payable or who would receive h , e h the difference between pension paid and accumulated member t u g e b l e e , gh contributions if the retired member dies before receiving in n d d i = = o h pension payments the amount of the accumulated member l ] b ,d i a º r contributions;

e r = t e w d m a n o [R.] S.

d(1) mterminate :employment with all employers covered by any state system or the educational retirement system;

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 6 - e a n e d r e l u [ A d (1) terminate employment with all employers covered by any state system or the educational retirement system;

[S.T.

] T.

[T.U.

] U.

[U.SB 72 Page 6 V.

] V.

"Salary" shall not include overtime pay, allowances for housing, clothing, equipment or travel, payments for unused sick leave, unless the unused sick leave payment is made through continuation of the h member on the regular payroll for the period represented by g o t hr that payment, and any other form of remuneration not g e i k specifically designated by law as included in salary for Public h r i s Employees Retirement Act purposes.

Salary in excess of the h , t, limitations set forth in Section 401(a)(17) of the Internal e u g e b l e e h Revenue Code of 1986, as amended, shall be disregarded.

The n d d i = = o h limitation on compensation for eligible employees shall not be l ] b ,d i a º e less than the amount that was allowed to be taken into account r i = r t e w d m a n o under the state retirement system acts in effect on July 1, d1993. m :

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 7 - e a n e d r e l u [ A d 1993.

[V.] W.

[W.] X.

"state retirement system acts" means collectively the Public Employees Retirement Act, the Magistrate Retirement Act, the Judicial Retirement Act and SB 72 Page 7 the Volunteer Firefighters Retirement Act;

and [X.] Y.

h "10-11-5.

CREDITED SERVICE--MUNICIPAL ELECTION TO MAKE g o t hr EMPLOYEE CONTRIBUTIONS.--A municipal affiliated public employer g e i k may elect by resolution of its governing body or by execution h r i s of a collective bargaining agreement and in the manner h , t, prescribed by the retirement board to be responsible for making e u g e b l e e h contributions of up to seventy-five percent of its employees' n d d i = = o h member contributions as follows:

l ] b ,d i a º e A.

the resolution or collective bargaining r i = r t e w d m a n o agreement shall be irrevocable;

d(1) mif :the resolution is passed or the collective bargaining agreement is executed on or before June 30, 2020, the percentage of the employee contributions that the municipal affiliated public employer elects to be responsible for making shall apply to the statutory employee contribution rate in effect on June 30, 2020 and shall not apply to any increase in the statutory employee contribution rate that may occur after that date;

band e(2) d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 8 - e a n e d r e l u [ A d (1) if the resolution is passed or the SB 72 Page 8 collective bargaining agreement is executed on or beforeafter JuneJuly 30,1, [2013 ] 2020, the percentage of the employee contributions that the municipal affiliated public employer elects to be responsible for making shall apply to the statutory employee contribution rate in effect on Junethe 30,date [2013that ]the 2020resolution is passed or the collective bargaining agreement is executed and shall not apply to any increaseincreases in the statutory employee contribution rate that may occur after that date;

andprovided, (2)however, that if the resolutionstatutory employee contribution rate is passeddecreased orafter the collectivedate bargainingthat agreementthe resolution is executedpassed on or afterthe Julycollective 1,bargaining [2013agreement ]is 2020,executed, the percentage of the employee contributions that the municipal affiliated public affiliated employer electsis to be responsible for making shall apply to the statutorydecreased employee contribution rate in effect on the date that the resolution is passed or the collective bargaining agreement is executed and shall not apply to any increases in the h statutory employee contribution raterate; that may occur after that u » r date;

provided,B. however, that if the statutory employee t h g e l i contribution rate is decreased after the date that the h r i s resolution is passed or the collective bargaining agreement is h , e h executed, the percentage of the employee contributions that the t u g e b l e e , gh municipal public affiliated employer is responsible for making n d d i = = o h shall apply to the decreased statutory employee contribution l ] b ,d i a º r rate;

ea rmunicipal =affiliated tpublic eemployer wmay dby msubsequent aresolution nor ocollective B.bargaining agreement:

a municipal affiliated public employer may by d m :

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 9 - e a n e d r e l u [ A d subsequent resolution or collective bargaining agreement:

or (3) at the time a new coverage plan is SB 72 Page 9 adopted, elect to be responsible under the new coverage plan for making a different percentage of employee member contributions than that which it elected under a previous coverage plan;

the resolution or executed collective bargaining agreement shall apply to all employees or else to specified employee divisions of the municipal affiliated public employer and shall be effective the first pay period of the month h following the filing of the resolution with the retirement u » r board;

t h g e l i D.

the portion of the employee contributions made h r i s by the municipal affiliated public employer on behalf of a h , e h member shall be credited to the member's individual accumulated t u g e b l e e , gh member contribution account in the member contribution fund.

n d d i = = o h The member shall be responsible for the difference between the l ] b ,d i a º r contributions the member would be required to make if the emunicipal raffiliated =public temployer ehad wnot dmade mthe aelection nprovided ofor in this section and the amount contributed by the municipal affiliated public employer hadpursuant notto made the electionprovisions dof mthis :section;

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 10 - e a n e d r e l u [ A d provided for in this section and the amount contributed by the municipal affiliated public employer pursuant to the provisions of this section;

any municipal affiliated public employer SB 72 Page 10 increasing the percentage of the employee member contributions it elects to make pursuant to this section shall submit a resolution or executed collective bargaining agreement to the association by July 1 of the fiscal year in which the increase will take place indicating the percentage of the employee member contributions that will be made by the municipal affiliated public employer." SECTION 3.

Section 10-11-8 NMSA 1978 (being Laws 1987, h Chapter 253, Section 8, as amended by Laws 2014, Chapter 35, u » r Section 1 and by Laws 2014, Chapter 39, Section 1 and also by t h g e l i Laws 2014, Chapter 43, Section 1) is amended to read:

h r i s "10-11-8.

NORMAL RETIREMENT--RETURN TO EMPLOYMENT-- h , e h BENEFITS CONTINUED--CONTRIBUTIONS.-- t u g e b l e e , gh A.

A member may retire upon fulfilling the n d d i = = o h following requirements prior to the selected date of l ] b ,d i a º r retirement:

e(1) ra =written tapplication efor wnormal dretirement, min athe nform oprescribed (1)by athe writtenassociation, applicationis forfiled normalwith dthe massociation; :

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 11 - e a n e d r e l u [ A d retirement, in the form prescribed by the association, is filed with the association;

and (4) the member meets the age and service SB 72 Page 11 credit requirement for normal retirement specified in the coverage plan applicable to the member.

Except as provided in Subsection [E ] D of this section, on or after July 1, 2010, a retired member may be subsequently employed by an affiliated public employer only h pursuant to the following provisions:

u » r (1) the retired member has not been employed t h g e l i as an employee of an affiliated public employer or retained as h r i s an independent contractor by the affiliated public employer h , e h from which the retired member retired for at least twelve t u g e b l e e , gh consecutive months from the date of retirement to the n d d i = = o h commencement of subsequent employment or reemployment with an l ] b ,d i a º r affiliated public employer;

e r = t e w d m a n o (2) the retired member's pension shall be dsuspended mupon :commencement of the subsequent employment;

b(3) rexcept eas tprovided ºin oSubsection tF nof =this .215849.5GLGAICsection, Februarythe 12,retired 2020member (6:22shall pm)not sbecome ka mmember eand -shall 12not -accrue eservice acredit, nand ethe dretired rmember eand lthat uperson's [subsequent Aaffiliated dpublic suspendedemployer uponshall commencementnot ofmake contributions under any coverage plan pursuant to the subsequentPublic employment;Employees Retirement Act;

(3)and except(4) asupon providedtermination in Subsection [G ] F of this section, the retiredsubsequent memberSB shall72 notPage become12 aemployment, member and shall not accrue service credit, and the retired membermember's andpension that person's subsequent affiliated public employer shall notresume makein contributionsaccordance underwith anythe coverageprovisions planof pursuantSubsection toA theof Publicthis Employeessection. Retirement Act;

andD. (4) upon termination of the subsequent employment, the retired member's pension shall resume in accordance with the provisions of Subsection A of this section.

[D.The provisions of Subsections C, G and H of this section do not apply to:

Notwithstanding the provisions of Subsection B of Section 10-11-118 NMSA 1978, on and after July 1, 2013, if a retired member becomes employed with an employer pursuant to the Educational Retirement Act, and effective July 1, 2014, if a retired member who, subsequent to retirement, is employed and covered pursuant to the Judicial Retirement Act, and, effective h July 1, 2014, if a retired member who, subsequent to u » r retirement, is employed and covered pursuant to the Magistrate t h g e l i Retirement Act:

h r i s (1) the retired member's cost-of-living h , e h pension adjustment shall be suspended upon commencement of the t u g e b l e e , gh employment;

and n d d i = = o h (2) upon termination of the employment, the l ] b ,d i a º r retired member's suspended cost-of-living pension adjustment e r = t e w d m a n o shall be reinstated as provided under Subsection B of Section d m :

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 13 - e a n e d r e l u [ A d 10-11-118 NMSA 1978.

E.] D.

The provisions of Subsections C, G and H [and I] of this section do not apply to:

hE. [F.

]A E.retired member who returns to employment during retirement pursuant to Subsection D of this section is entitled to receive retirement benefits but is not entitled to accrue service credit or to acquire or purchase service credit in the future for the period of the retired member's subsequent employment with an affiliated public employer.

AF. retired member who returns to employment g o t hr during retirement pursuant to Subsection [E ] D of this section g e i k is entitled to receive retirement benefits but is not entitled h r i s to accrue service credit or to acquire or purchase service h , t, credit in the future for the period of the retired member's e u g e b l e e h subsequent employment with an affiliated public employer.

nAt dany dtime iduring =a =retired omember's hSB [G.72 Page 13 subsequent employment pursuant to Subsection C of this section, the retired member may elect to become a member and the following conditions shall apply:

] F.

At any time during a retired member's l ] b ,d i a º e subsequent employment pursuant to Subsection C of this section, r i = r t e w d m a n o the retired member may elect to become a member and the d m :

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 14 - e a n e d r e l u [ A d following conditions shall apply:

(b) unless the previously retired member accrued at least three years of service credit on account of h the subsequent employment, the recalculation of pension shall:

u » r 1) employ the form of payment selected by the previously t h g e l i retired member at the time of the first retirement;

and 2) use h r i s the provisions of the coverage plan applicable to the member on h , e h the date of the first retirement;

and t u g e b l e e , gh (c) the recalculated pension shall not nSB d72 dPage i14 = = o h be less than the amount of the suspended pension.

l ] b ,d i a º r [H.] G.

A retired member who returned to work with e r = t e w d m a n o an affiliated public employer prior to July 1, 2010 shall be dsubject mto :the provisions of this section in effect on the date the retired member returned to work;

bprovided rthat eon tand ºafter oJuly t1, n2010, =the .215849.5GLGAICretired Februarymember 12,shall 2020pay (6:22the pm)employee scontribution kin man eamount -specified 15in -the ePublic aEmployees nRetirement eAct dfor r e l u [ A d subject to the provisionsposition of this section in effectwhich on the date the retired member returnedis tosubsequently work;employed.

providedH. that [(1) ] on and after July 1, 2010, the retired member shall pay the employee contribution in an amount specified in the Public Employees Retirement Act for the position in which the retired member is subsequently employed.

[(2)Effective notwithstandingJuly the1, provisions2014, ofif Subsectiona Bretired ofmember Sectionwho, 10-11-118subsequent NMSAto 1978,retirement, onis employed and aftercovered Julypursuant 1,to 2013,the provisions of the retiredMagistrate member'sRetirement cost-of-livingAct pensionor adjustmentJudicial shallRetirement beAct, suspended;during the period of subsequent employment:

and(1) (3) upon termination of the subsequentmember employment with the affiliated public employer, the retired member's cost-of-living pension adjustment shall be reinstatedentitled asto providedreceive inretirement Subsectionbenefits; B of Section 10-11-118 NMSA 1978.

I.](2) H.the retired member's cost-of-living pension adjustment shall be suspended upon commencement of the employment;

Effective July 1, 2014, if a retired member who, subsequent to retirement, is employed and covered(3) pursuantupon htermination toof the provisionsemployment, of the Magistrateretired Retirementmember's Actsuspended orcost-of-living Judicialpension uadjustment »shall rbe Retirementreinstated Act,as duringprovided theunder periodSection of10-11-118 subsequentNMSA employment:1978.

tI. h g e l i (1) the member shall be entitled to receive h r i s retirement benefits;

hThe ,pension eof ha (2)member thewho retiredhas member'searned cost-of-livingservice tcredit uunder gmore ethan bone lcoverage eplan e , gh pension adjustment shall be suspendeddetermined uponSB commencement72 ofPage the15 nas dfollows: d i = = o h employment;

and l ] b ,d i a º r (3) upon termination of the employment, the e r = t e w d m a n o retired member's suspended cost-of-living pension adjustment d m :

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 16 - e a n e d r e l u [ A d shall be reinstated as provided under [Subsection B of] Section 10-11-118 NMSA 1978.

[J.] I.

The pension of a member who has earned service credit under more than one coverage plan shall be determined as follows:

If the h service credit is acquired under two different coverage plans u » r applied to the same affiliated public employer as a consequence t h g e l i of an election by the members, adoption by the affiliated h r i s public employer or a change in the law that results in the h , e h application of a coverage plan with a greater pension, the t u g e b l e e , gh greater pension shall be paid a member retiring from the n d d i = = o h affiliated public employer under which the change in coverage l ] b ,d i a º r plan took place regardless of the amount of service credit e r = t e w d m a n o under the coverage plan producing the greater pension;

provided dthat mthe :member has three or more years of continuous employment with that affiliated public employer immediately preceding or immediately preceding and immediately following the date the coverage plan changed;

bSB r72 ePage t16 º(3) othe tpension nof =a .215849.5GLGAICmember Februarywho 12,has 2020service (6:22credit pm)earned son kor mbefore eJune -30, 172013 -under eeach aof ntwo eor dmore rcoverage eplans land uwho [ A d that the member has threeservice orcredit moreearned yearsunder ofany continuouscoverage employmentplan withon thator affiliatedafter publicJuly employer1, immediately2013 precedingshall orbe immediatelyequal precedingto and immediately following the datesum theof: coverage plan changed;

(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 sum of:

(4) the pension of a member who has service h credit earned only on and after July 1, 2013 shall be equal to u » r the sum of the pension attributable to the service credit the t h g e l i member has accrued under each coverage plan;

and h r i s (5) the provisions of each coverage plan for h , e h the purpose of this subsection shall be those in effect at the t u g e b l e e , gh time the member ceased to be covered by the coverage plan.

n d d i = = o h "Service credit", for the purposes of this subsection, shall be l ] b ,d i a º r only personal service rendered an affiliated public employer e r = t e w d m a n o and credited to the member under the provisions of Subsection A dof mSection :10-11-4 NMSA 1978.

bService rcredited eunder tany ºother oprovision tof nthe =Public .215849.5GLGAICEmployees FebruaryRetirement 12,Act 2020shall (6:22not pm)be sused kto msatisfy ethe -three-year 18service -credit erequirement aof nthis esubsection." dSB r72 ePage l17 uSECTION [4. A d of Section 10-11-4 NMSA 1978.

Service credited under any other provision of the Public Employees Retirement Act shall not be used to satisfy the three-year service credit requirement of this subsection." SECTION 4.

(1) for a member who on or before June 30, 2013 was a peace officer and for a member who is not a peace officer but was a retired member or a member on June 30, 2013, the age and service credit requirements for normal retirement are:

h (b) age sixty-four years and eight or g o t hr more years of service credit;

g e i k (c) age sixty-three years and eleven or h r i s more years of service credit;

h , t, (d) age sixty-two years and fourteen or e u g e b l e e h more years of service credit;

n d d i = = o h (e) age sixty-one years and seventeen or l ] b ,d i a º e more years of service credit;

r i = r t e w d m a n o (f) age sixty years and twenty or more dyears mof :service credit;

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 19 - e a n e d r e l u [ A d years of service credit;

(2) for a member who is not a peace officer SB 72 Page 18 and was not a retired member or a member on June 30, 2013, the age and service requirements for normal retirement are:

(a) age sixty-five years or older and [eight] five or more years of service credit;

or (b) any age if the member has [eight ] five or more years of service credit and the sum of the member's age and years of service credit equals at least eighty-five;

h (a) age sixty years or older and [six ] g o t hr five or more years of service credit;

or g e i k (b) any age and twenty-five or more h r i s years of service credit.

h , t, B.

As used in this section, "peace officer" means e u g e b l e e h any employee of the state with a duty to maintain public order n d d i = = o h or to make arrests for crime, whether that duty extends to all l ] b ,d i a º e crimes or is limited to specific crimes, and who is not r i = r t e w d m a n o specifically covered by another coverage plan." dSECTION m5. :

bSection e10-11-26.5 dNMSA s1978 º(being oLaws t1994, nChapter =128, .215849.5GLGAICSection February6, 12,as 2020amended) (6:22is pm)amended sto kread: m e - 20 - e a n e d r e l u [ A d SflºSECTION 5.

Section"10-11-26.5. 10-11-26.3 NMSA 1978 (being Laws 1994, Chapter 128, Section 4, as amended) is amended to read:

"10-11-26.3.STATE GENERAL MEMBER COVERAGE PLAN 3--MEMBER CONTRIBUTION RATE.--A member under state general member coverage plan 3 shall contribute seven and SB 72 Page 19 forty-two hundredths percent of salary starting with the first full pay period that ends within the calendar month in which state general member coverage plan 3 becomes applicable to the member, except that a member whose annual salary is greater than twenty-five thousand dollars ($25,000) shall contribute :

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

for a member with age and service requirements 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 multiplied by service credit [The amount shall not exceed ninety percent of the final average salary];

and B.

for a member with age and service requirements provided under Paragraph (2) of Subsection A of Section 10-11-26.2 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 service credit.

[The amount shall h not exceed ninety percent of the final average salary.]"»Sfl u » r t h SECTION Sflº6.»Sfl Sflº5.»Sfl Section 10-11-26.5 NMSA g e l i 1978 (being Laws 1994, Chapter 128, Section 6, as amended) is h r i s amended to read:

h , e h t u g "10-11-26.5.

STATE GENERAL MEMBER COVERAGE PLAN 3--MEMBER e b l e e , gh CONTRIBUTION RATE.--A member under state general member n d d i = = o h coverage plan 3 shall contribute seven and forty-two hundredths l ] b ,d i a º r e r = percent of salary starting with the first full pay period that t e w d m a n o ends within the calendar month in which state general member d m :

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 21 - e a n e d r e l u [ A d coverage plan 3 becomes applicable to the member, except that a member whose annual salary is greater than [twenty thousand dollars ($20,000)] twenty-five thousand dollars ($25,000) shall contribute [eight and ninety-two hundredths percent of salary ]:

A.

beginning July 1, 2023 and thereafter, ten and ninety-two hundredths percent of salary." SECTION Sflº6. 7.»Sfl Sflº6.»Sfl Section 10-11-26.6 NMSA (being Laws 1994, Chapter 128, Section 7, as amended) is h amended to read:

gSection o10-11-26.6 tNMSA hr1978 "10-11-26.6.(being Laws 1994, Chapter 128, Section 7, as amended) is amended to read:

STATE"10-11-26.6. GENERAL MEMBER COVERAGE PLAN 3--STATE g e i k CONTRIBUTION RATE.--The state shall contribute [seventeen and h r i s twenty-four hundredths percent] the following percentages of h , t, the salary of each member covered by state general member e u g e b l e e h coverage plan 3 starting with the first pay period that ends n d d i = = o h within the calendar month in which state general member l ] b ,d i a º e coverage plan 3 becomes applicable to the member:

rSTATE iGENERAL =MEMBER rCOVERAGE tPLAN e3--STATE wCONTRIBUTION dRATE.--The mstate ashall ncontribute othe A.following percentages of the salary of each member covered by state general member coverage plan 3 starting with the first pay period that ends within the calendar month in which state general member coverage plan 3 becomes applicable SB 72 Page 20 to the member:

beginningA. July 1, 2020 and continuing through d m :

bbeginning eJuly d1, s º o t n = .215849.5GLGAIC February 12, 2020 (6:22and pm)continuing sthrough k m e - 22 - e a n e d r e l u [ A d June 30, 2021, seventeen and seventy-four hundredths percent of salary;

beginning July 1, 2023 and thereafter, nineteen and twenty-four hundredths percent of salary." SECTION Sflº7. 8.»Sfl Sflº7.»Sfl Section 10-11-27 NMSA (being Laws 1987, Chapter 253, Section 27, as amended) is amended to read:

Section 10-11-27 NMSA 1978 (being Laws 1987, Chapter 253, Section 27, as amended) is amended to read:

STATE POLICE MEMBERMEMBER, [AND ADULT], CORRECTIONAL OFFICER MEMBER AND PROBATION AND PAROLE OFFICER MEMBER COVERAGE PLAN 1--APPLICABILITY--CREDITED SERVICE.-- h A.

State police membermember, [and adult ], correctional g o t hr officer member and probation and parole officer member coverage g e i k plan 1 is applicable to:

h r i s (1) state police members who are not h , t, specifically covered by another coverage plan;

[and to ] e u g e b l e e h (2) adult correctional officer members;

n d d i = = o h (3) juvenile correctional officer members;

l ] b ,d i a º e (4) adult probation and parole officer rSB i72 =Page r21 t e w d m a n o members;

and d(5) mjuvenile :probation and parole officer members.

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 23 - e a n e d r e l u [ A d (5) juvenile probation and parole officer members.

The credited service of a state police member who was a retired member or a member on June 30, 2013 and who has held the permanent rank of patrolman, sergeant, lieutenant or captain and does not hold an exempt rank or who is assigned to the aircraft division as a pilot, or of an adult correctional officer member, shall have actual credited service increased by twenty percent for the purposes of state police membermember, [and adult ], correctional officer member and probation and parole officer member coverage plan 1.

The credited service, accrued after July 1, 2021, of a juvenile correctional officer member, an adult probation and parole officer or a juvenile probation and parole officer shall be increased by twenty percent for the purposes of state police member, correctional officer member and h probation and parole officer member coverage plan 1.

u » r [C.] D.

Except as provided in Subsection B of this t h g e l i section, the credited service of a member covered under state h r i s police membermember, [and adult ], correctional officer member and h , e h probation and parole officer member coverage plan 1 shall be t u g e b l e e , gh credited as provided in Section 10-11-4 NMSA 1978.

n d d i = = o h [D.] E.

State police member, correctional officer SB 72 Page 22 member [andand adult],probation land ]parole bofficer ,dmember icoverage aplan º1 ris applicable to juvenile correctional officer membermembers, adult probation and parole officer members and juvenile probation and parole officer emembers rin =the tfirst efull wpay dperiod mafter aJuly n1, o2021 if the retirement board certifies to the secretary of state that, of those juvenile correctional officer members, adult probation and parole officer members and juvenile probation and parole officer members to be covered under state police member, correctional officer member and probation and parole officer member coverage plan 11, isa applicablemajority of the respective members voting have voted to [adult]approve juvenileadoption dof mthat :plan at an election conducted pursuant to Sections 63 through 66 of this 2020 act." SECTION 8.

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 24 - e a n e d r e l u [ A d correctional officer members, adult probation and parole officer members and juvenile probation and parole officer members in the first full pay period after July 1, [2004] 2021 if the retirement board certifies to the secretary of state that, of those [adult ] juvenile correctional officer members, adult probation and parole officer members and juvenile probation and parole officer members to be covered under state police member [and adult ], correctional officer member and probation and parole officer member coverage plan 1, a majority of the respective members voting have voted to approve adoption of that plan at an election conducted pursuant to [Laws 2003, Chapter 268, Section 16] Sections Sflº80 through 83»Sfl Sflº63 through 66»Sfl of this 2020 act." SECTION Sflº9.»Sfl Sflº8.»Sfl Section 10-11-27.1 NMSA 1978 (being Laws 2003, Chapter 268, Section 10) is amended to read:

h "10-11-27.1.

STATE POLICE MEMBERMEMBER, [AND ADULT ], u » r CORRECTIONAL OFFICER MEMBER AND PROBATION AND PAROLE OFFICER t h g e l i MEMBER COVERAGE PLAN 1--SERVICE CREDIT REQUIRED.--REQUIRED.--Notwithstanding h r i s Notwithstanding the provisions of Section 10-11-27 NMSA 1978, h , e h to qualify for payment under state police membermember, [and adult ], t u g e b l e e , gh correctional officer member and probation and parole officer n d d i = = o h member coverage plan,plan 11, an adult correctional officer member l ] b ,d i a º r shall have eighteen months of service credit earned under [the]state epolice rmember, =correctional tofficer emember wand dprobation mand aparole nSB o72 statePage police23 member,officer [andmember adultcoverage ]plan correctional1 officersubsequent memberto dJuly m1, :2004." SECTION 9.

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 25 - e a n e d r e l u [ A d and probation and parole officer member coverage plan 1 subsequent to July 1, 2004." SECTION Sflº 10.»Sfl Sflº9.»Sfl Section 10-11-28 NMSA 1978 (being Laws 1987, Chapter 253, Section 28, as amended) is amended to read:

STATE POLICE MEMBERMEMBER, [AND ADULT], CORRECTIONAL OFFICER MEMBER AND PROBATION AND PAROLE OFFICER MEMBER COVERAGE PLAN 1--AGE AND SERVICE REQUIREMENTS FOR NORMAL RETIREMENT.-- Under state police membermember, [and adult ], correctional officer member and probation and parole officer member coverage plan 1:

(2) age sixty-four years and eight or more h years of credited service;

g o t hr (3) age sixty-three years and eleven or more g e i k years of credited service;

h r i s (4) age sixty-two years and fourteen or more h , t, years of credited service;

e u g e b l e e h (5) age sixty-one years and seventeen or more n d d i = = o h years of credited service;

l ] b ,d i a º e (6) age sixty years and twenty or more years r i = r t e w d m a n o of credited service;

or d(7) many :age and twenty-five or more years of credited service;

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 26 - e a n e d r e l u [ A d (7) any age and twenty-fiveSB or72 morePage years24 ofB. credited service;

and B.

(1) age sixty years or older and [six ] five or more years of service credit;

or (2) any age and twenty-five or more years of service credit." SECTION Sflº10. 11.»Sfl Sflº10.»Sfl Section 10-11-29 NMSA (being Laws 1987, Chapter 253, Section 29, as amended) is amended to read:

Section 10-11-29 NMSA 1978 (being Laws 1987, Chapter 253, Section 29, as amended) is amended to read:

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

[TheThe h r i s amount shall not exceed ninety percent of the final average hsalary." , t, salary.] SflºThe amount shall not exceed ninety percent of the e u g e b l e e h final average salary.»Sfl" n d d i = = o h SECTION Sflº12.»Sfl11. Sflº11.»Sfl Section 10-11-31 NMSA l ] b ,d i a º e 1978 (being Laws 1987, Chapter 253, Section 31, as amended) is r i = r t e w d m a n o amended to read:

dSection m10-11-31 :NMSA 1978 (being Laws 1987, Chapter 253, Section 31, as amended) is amended to read:

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 27 - e a n e d r e l u [ A d "10-11-31.

STATE POLICE MEMBERMEMBER, [AND ADULT], CORRECTIONAL OFFICER MEMBER AND PROBATION AND PAROLE OFFICER MEMBER COVERAGE PLAN 1--MEMBER CONTRIBUTION RATE.--A member under state police membermember, [and adult ], correctional officer member and probation and SB 72 Page 25 parole officer member coverage plan 1 shall contribute seven and six-tenths percent of salary, except that a member whose annual salary is greater than [twenty thousand dollars ($20,000)] twenty-five thousand dollars ($25,000) shall contribute nine and one-tenth percent of salary." SECTION Sflº12. 13.»Sfl Sflº12.»Sfl Section 10-11-32 NMSA (being Laws 1987, Chapter 253, Section 32, as amended) is amended to read:

Section 10-11-32 NMSA 1978 (being Laws 1987, Chapter 253, Section 32, as amended) is amended to read:

STATE POLICE MEMBERMEMBER, [AND ADULT], CORRECTIONAL OFFICER MEMBER AND PROBATION AND PAROLE OFFICER MEMBER COVERAGE PLAN 1--STATE CONTRIBUTION RATE.--The state shall contribute twenty-five and one-half percent of the salary of each member h under state police membermember, [and adult ], correctional officer g o t hr member and probation and parole officer member coverage plan 11." g e i k [except that, from July 1, 2013 through June 30, 2014, the h r i s state contribution rate shall be twenty-five and one-tenth h , t, percent of the salary of each member]." e u g e b l e e h SECTION Sflº13. 14.»Sfl Sflº13.»Sfl Section 10-11-38.2 NMSA n d d i = = o h 1978 (being Laws 1994, Chapter 128, Section 10, as amended) is l ] b ,d i a º e amended to read:

rSection i10-11-38.2 =NMSA r1978 t(being eLaws w1994, dChapter m128, aSection n10, oas "10-11-38.2.amended) is amended to read:

JUVENILE"10-11-38.2. CORRECTIONAL OFFICER MEMBER d m :

bJUVENILE eCORRECTIONAL dOFFICER sMEMBER º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 28 - e a n e d r e l u [ A d COVERAGE PLAN 2--AGE AND SERVICE CREDIT REQUIREMENTS FOR NORMAL RETIREMENT.--Under juvenile correctional officer member coverage plan 2:

(1) age sixty-five years or older and five SB 72 Page 26 or more years of service credit;

h (6) age sixty years and twenty or more years g o t hr of service credit;

and g e i k (7) any age and twenty-five or more years of h r i s service credit;

and h , t, B.

for a member who was not a retired member or a e u g e b l e e h member on June 30, 2013, the age and service requirements for n d d i = = o h normal retirement are:

l ] b ,d i a º e (1) age sixty years or older and [six ] five or r i = r t e w d m a n o more years of service credit;

or d(2) many :age and twenty-five or more years of service credit." SECTION 14.

bSection e10-11-38.5 dNMSA s1978 º(being oLaws t1994, nChapter =128, .215849.5GLGAICSection February13, 12,as 2020amended) (6:22is pm)amended sto kread: m e - 29 - e a n e d r e l u [ A d (2) any age and twenty-five or more years of service credit." Sflº SECTION 15.

Section 10-11-38.3 NMSA 1978 (being Laws 1994, Chapter 128, Section 11, as amended) is amended to read:

"10-11-38.3.

JUVENILE CORRECTIONAL OFFICER MEMBER COVERAGE PLAN 2--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under juvenile correctional officer member coverage plan 2, the amount of pension under form of payment A is equal to three percent of final average salary multiplied by service credit.

[The amount shall not exceed ninety percent of the final average salary.]"»Sfl SECTION Sflº16.»Sfl Sflº14.»Sfl Section 10-11-38.5 NMSA (being Laws 1994, Chapter 128, Section 13, as amended) is amended to read:

JUVENILE CORRECTIONAL OFFICER MEMBER COVERAGE PLAN 2--MEMBER CONTRIBUTION RATE.--A member under hSB 72 Page 27 juvenile correctional officer member coverage plan 2 shall u » r contribute four and seventy-eight hundredths percent of salary t h g e l i starting with the first full pay period that ends within the h r i s calendar month in which juvenile correctional officer member h , e h coverage plan 2 becomes applicable to the member, except that a t u g e b l e e , gh member whose annual salary is greater than [twenty thousand n d d i = = o h dollars ($20,000)] twenty-five thousand dollars ($25,000) shall lcontribute: ] b ,d i a º r contribute [six and twenty-eight hundredths percent of salary ]:

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

beginning July 1, 2020 and continuing through dJune m30, :2021, six and seventy-eight hundredths percent of salary;

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 30 - e a n e d r e l u [ A d June 30, 2021, six and seventy-eight hundredths percent of salary;

beginning July 1, 2023 and thereafter, eight and twenty-eight hundredths percent of salary." SECTION Sflº15. 17.»Sfl Sflº15.»Sfl Section 10-11-38.6 NMSA (being Laws 1994, Chapter 128, Section 14, as amended) is amended to read:

Section 10-11-38.6 NMSA 1978 (being Laws 1994, Chapter 128, Section 14, as amended) is amended to read:

JUVENILE CORRECTIONAL OFFICER MEMBER COVERAGE PLAN 2--STATE CONTRIBUTION RATE.--The state shall contribute [twenty-six and thirty-seven hundredths percent] the h following percentages of the salary of each member covered by u » r juvenile correctional officer member SB 72 Page 28 coverage plan 2 starting t h g e l i with the first pay period that ends within the calendar month h r i s in which juvenile correctional officer member coverage plan 2 h , e h becomes applicable to the member:

t u g e b l e e , gh A.

beginning July 1, 2020 and continuing through n d d i = = o h June 30, 2021, twenty-six and eighty-seven hundredths percent l ] b ,d i a º r of salary;

e r = t e w d m a n o B.

beginning July 1, 2021 and continuing through dJune m30, :2022, twenty-seven and thirty-seven hundredths percent of salary;

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 31 - e a n e d r e l u [ A d June 30, 2022, twenty-seven and thirty-seven hundredths percent of salary;

beginning July 1, 2023 and thereafter, twenty-twenty-eight eight and thirty-seven hundredths percent of salary." SECTION Sflº16. 18.»Sfl Sflº16.»Sfl Section 10-11-45 NMSA (being Laws 1987, Chapter 253, Section 45, as amended) is amended to read:

Section 10-11-45 NMSA 1978 (being Laws 1987, Chapter 253, Section 45, as amended) is amended to read:

h (1) age sixty-five years or older and five orSB g72 oPage t29 hror more years of service credit;

g e i k (2) age sixty-four years and eight or more h r i s years of service credit;

h , t, (3) age sixty-three years and eleven or more e u g e b l e e h years of service credit;

n d d i = = o h (4) age sixty-two years and fourteen or more l ] b ,d i a º e years of service credit;

r i = r t e w d m a n o (5) age sixty-one years and seventeen or more dyears mof :service credit;

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 32 - e a n e d r e l u [ A d years of service credit;

(1) age sixty-five years or older and [eight ] five or more years of service credit;

or (2) any age if the member has [eight ] five or more years of service credit and the sum of the member's age and years of service credit equals at least eighty-five." SflºSECTIONSECTION 19.17.

Section 10-11-4610-11-48 NMSA 1978 (being Laws 1987, Chapter 253, Section 46,48, as amended) is amended to read:

"10-11-46."10-11-48.

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 1-- hSB AMOUNT72 OFPage PENSION--FORM30 OFMEMBER PAYMENTCONTRIBUTION A.--UnderRATE.--A member under municipal general gmember ocoverage tplan hr1 membershall coveragecontribute planseven 1,percent of salary starting with the amountfirst offull pensionpay underperiod formin ofthe gcalendar emonth iin kwhich paymentmunicipal Ageneral ismember equalcoverage toplan two1 percentbecomes ofapplicable to the finalmember, averageexcept that a member whose annual salary his rgreater ithan stwenty-five multipliedthousand bydollars credited($25,000) service.shall contribute:

[The amount shall not exceed h , t, e u g ninety percent of the final average salary.]"»Sfl e b l e e h SECTION Sflº20.»Sfl Sflº17.»Sfl Section 10-11-48 NMSA n d d i = = o h 1978 (being Laws 1987, Chapter 253, Section 48, as amended) is l ] b ,d i a º e r i = r amended to read:

t e w d m a n o "10-11-48.

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 1-- d m :

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 33 - e a n e d r e l u [ A d MEMBER CONTRIBUTION RATE.--A member under municipal general member coverage plan 1 shall contribute seven percent of salary starting with the first full pay period in the calendar month in which municipal general member coverage plan 1 becomes applicable to the member, except that a member whose annual salary is greater than [twenty thousand dollars ($20,000) ] twenty-five thousand dollars ($25,000) shall contribute [eight and one-half percent of salary]:

and h E.

beginning July 1, 2025 and thereafter, ten and g o t hr one-half percent of salary." g e i k SECTION Sflº18. 21.»Sfl Sflº18.»Sfl Section 10-11-49 NMSA h r i s 1978 (being Laws 1987, Chapter 253, Section 49, as amended) is h , t, amended to read:

eSection u10-11-49 gNMSA e1978 b(being lLaws e1987, eChapter h253, "10-11-49.Section 49, as amended) is amended to read:

MUNICIPAL"10-11-49. GENERAL MEMBER COVERAGE PLAN 1-- n d d i = = o h AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--An affiliated l ] b ,d i a º e public employer shall contribute [seven and sixty-five r i = r t e w d m a n o hundredths percent] the following percentages of the salary of d m :

bMUNICIPAL eGENERAL dMEMBER sCOVERAGE ºPLAN o1-- tAFFILIATED nPUBLIC =EMPLOYER .215849.5GLGAICCONTRIBUTION FebruaryRATE.--An 12,affiliated 2020public (6:22employer pm)shall scontribute kthe mfollowing epercentages -of 34the -salary eof a n e d r e l u [ A d each member it employs and who is covered under municipal general member coverage plan 1:

SB 72 Page 31 A.

beginning July 1, 2025 and thereafter, nine and sixty-five hundredths percent of salary." SECTION Sflº19. 22.»Sfl Sflº19.»Sfl Section 10-11-51 NMSA (being Laws 1987, Chapter 253, Section 51, as amended) is h amended to read:

gSection o10-11-51 tNMSA hr1978 "10-11-51.(being Laws 1987, Chapter 253, Section 51, as amended) is amended to read:

MUNICIPAL"10-11-51. GENERAL MEMBER COVERAGE PLAN 2--AGE g e i k AND SERVICE REQUIREMENTS FOR NORMAL RETIREMENT.--Under h r i s municipal general member coverage plan 2:

hMUNICIPAL ,GENERAL t,MEMBER A.COVERAGE PLAN 2-- AGE AND SERVICE REQUIREMENTS FOR NORMAL RETIREMENT.--Under municipal general member coverage plan 2:

forA. a member who was a retired member or a e u g e b l e e h member on June 30, 2013, the age and service requirements for n d d i = = o h normal retirement are:

lfor ]a bmember ,dwho iwas a ºretired emember (1) age sixty-five years or oldera andmember fiveon orJune r30, i2013, =the rage tand eservice wrequirements dfor mnormal aretirement nare: o more years of service credit;

d(1) mage :sixty-five years or older and five or more years of service credit;

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 35 - e a n e d r e l u [ A d (2) age sixty-four years and eight or more SB 72 Page 32 years of service credit;

(1) age sixty-five years or older and [eight ] h five or more years of service credit;

or g o t hr (2) any age if the member has [eight ] five or g e i k more years of service credit and the sum of the member's age h r i s and years of service credit equals at least eighty-five." hSECTION ,20. t, SflºSECTION 23.

Section 10-11-5210-11-54 NMSA 1978 (being Laws e u g e b l e e h 1987, Chapter 253, Section 52,54, as amended) is amended to read:

n d d i = = o h "10-11-52.

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 2-- l ] b ,d i a º e AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal general r i = r t e w d m a n o member coverage plan 2:

d m :

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 36 - e a n e d r e l u [ A d A.

for a member with age and service requirements provided in Subsection A of Section 10-11-51 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 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 percent of the final average salary.]"»Sfl SECTION Sflº24.»Sfl Sflº20.»Sfl Section 10-11-54 NMSA (being Laws 1987, Chapter 253, Section 54, as amended) is amended to read:

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 2-- h MEMBER CONTRIBUTION RATE.--A member under municipal general u » r t h member coverage plan 2 shall contribute nine and fifteen-SB g72 ePage l33 ififteen-hundredths hundredths percent of salary starting with the first full pay h r i s period in the calendar month in which municipal general member h , e h t u g coverage plan 2 becomes applicable to the member, except that a e b l e e , gh member whose annual salary is greater than [twenty thousand n d d i = = o h dollars ($20,000)] twenty-five thousand dollars ($25,000) shall lcontribute: ] b ,d i a º r e r = contribute [ten and sixty-five hundredths percent of salary]:

t e w d m a n o A.

prior to July 1, 2022, ten and sixty-five dhundredths mpercent :of salary;

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 37 - e a n e d r e l u [ A d hundredths percent of salary;

beginning July 1, 2025 and thereafter, twelve and sixty-five hundredths percent of salary." SECTION Sflº21. 25.»Sfl Sflº21.»Sfl Section 10-11-55 NMSA (being Laws 1987, Chapter 253, Section 55, as amended) is amended to read:

Section 10-11-55 NMSA 1978 (being Laws 1987, Chapter 253, Section 55, as amended) is amended to read:

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 2-- AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--An affiliated h public employer shall contribute [nine and eight-tenths g o t hr percent] the following percentages of the salary of each member g e i k it employs and who is covered under municipalSB general72 memberPage h34 rmunicipal igeneral smember coverage plan 2:

h , t, A.

prior to July 1, 2022, nine and eight-tenths e u g e b l e e h percent of salary;

n d d i = = o h B.

beginning July 1, 2022 and continuing through l ] b ,d i a º e June 30, 2023, ten and three-tenths percent of salary;

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

beginning July 1, 2023 and continuing through dJune m30, :2024, ten and eight-tenths percent of salary;

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 38 - e a n e d r e l u [ A d June 30, 2024, ten and eight-tenths percent of salary;

beginning July 1, 2025 and thereafter, eleven and eight-tenths percent of salary." SECTION Sflº22. 26.»Sfl Sflº22.»Sfl Section 10-11-55.2 NMSA (being Laws 1993, Chapter 58, Section 2, as amended) is amended to read:

Section 10-11-55.2 NMSA 1978 (being Laws 1993, Chapter 58, Section 2, as amended) is amended to read:

h (2) age sixty-four years and eight or more g o t hr years of service credit;

g e i k (3) age sixty-three years and eleven or more hSB r72 iPage s35 years of service credit;

h , t, (4) age sixty-two years and fourteen or more e u g e b l e e h years of service credit;

n d d i = = o h (5) age sixty-one years and seventeen or more l ] b ,d i a º e years of service credit;

r i = r t e w d m a n o (6) age sixty years and twenty or more years dof mservice :credit;

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 39 - e a n e d r e l u [ A d of service credit;

(1) age sixty-five years or older and [eight ] five or more years of service credit;

or (2) any age if the member has [eight ] five or more years of service credit and the sum of the member's age and years of service credit equals at least eighty-five." SflºSECTIONSECTION 27.23.

Section 10-11-55.310-11-55.5 NMSA 1978 (being Laws 1993, Chapter 58, Section 3,5, 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:

h A.

for a member with age and service requirements g o t hr provided under Subsection A of Section 10-11-55.2 NMSA 1978, g e i k the amount of pension under form of payment A is equal to three h r i s percent of the final average salary multiplied by credited h , t, e u g service [The amount shall not exceed ninety percent of the e b l e e h final average salary];

and n d d i = = o h B.

for a member with age and service requirements l ] b ,d i a º e r i = r provided under Subsection B of Section 10-11-55.2 NMSA 1978, t e w d m a n o the amount of pension under form of payment A is equal to two d m :

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 40 - e a n e d r e l u [ A d and one-half percent of the final average salary multiplied by credited service.

[The amount shall not exceed ninety percent of the final average salary.]"»Sfl SECTION Sflº28.»Sfl Sflº23.»Sfl Section 10-11-55.5 NMSA (being Laws 1993, Chapter 58, Section 5, as amended) is amended to read:

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 3-- MEMBER CONTRIBUTION RATE.--A member under municipal general member coverage plan 3 shall contribute thirteen and fifteen-fifteen-hundredths hundredths percent of salary starting with the first full pay period in the calendar month in which municipal SB 72 Page 36 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)] twenty-five thousand dollars ($25,000) shall contributecontribute: [fourteen and sixty-five hundredths percent of salary]:

h A.

prior to July 1, 2022, fourteen and sixty-five u » r hundredths percent of salary;

t h g e l i B.

beginning July 1, 2022 and continuing through h r i s June 30, 2023, fifteen and fifteen-hundredths percent of h , e h salary;

t u g e b l e e , gh C.

beginning July 1, 2023 and continuing through n d d i = = o h June 30, 2024, fifteen and sixty-five hundredths percent of l ] b ,d i a º r salary;

e r = t e w d m a n o D.

beginning July 1, 2024 and continuing through dJune m30, :2025, sixteen and fifteen-hundredths percent of salary;

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 41 - e a n e d r e l u [ A d June 30, 2025, sixteen and fifteen-hundredths percent of salary;

beginning July 1, 2025 and thereafter, sixteen and sixty-five hundredths percent of salary." SECTION Sflº24. 29.»Sfl Sflº24.»Sfl Section 10-11-55.6 NMSA (being Laws 1993, Chapter 58, Section 6, as amended) is amended to read:

Section 10-11-55.6 NMSA 1978 (being Laws 1993, Chapter 58, Section 6, as amended) is amended to read:

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 3-- AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--An affiliated public employer shall contribute [nine and eight-tenths percent] the following percentages of the salary of each member it employs and who is covered under municipal general member coverage plan 3:

prior to July 1, 2022, nine and eight-tenths SB 72 Page 37 percent of salary;

beginning July 1, 2022 and continuing through h June 30, 2023, ten and three-tenths percent of salary;

g o t hr C.

beginning July 1, 2023 and continuing through g e i k June 30, 2024, ten and eight-tenths percent of salary;

h r i s D.

beginning July 1, 2024 and continuing through h , t, June 30, 2025, eleven and three-tenths percent of salary;

and e u g e b l e e h E.

beginning July 1, 2025 and thereafter, eleven n d d i = = o h and eight-tenths percent of salary." l ] b ,d i a º e SECTION Sflº25. 30.»Sfl Sflº25.»Sfl Section 10-11-55.8 NMSA r i = r t e w d m a n o 1978 (being Laws 1998, Chapter 106, Section 2, as amended) is d m :

bSection e10-11-55.8 dNMSA s1978 º(being oLaws t1998, nChapter =106, .215849.5GLGAICSection February2, 12,as 2020amended) (6:22is pm) s k m e - 42 - e a n e d r e l u [ A d amended to read:

(4) age sixty-two years and fourteen or more SB 72 Page 38 years of service credit;

(5) age sixty-one years and seventeen or more h years of service credit;

g o t hr (6) age sixty years and twenty or more years g e i k of service credit;

or h r i s (7) any age and twenty-five or more years of h , t, service credit;

and e u g e b l e e h B.

for a member who was not a retired member or a n d d i = = o h member on June 30, 2013, the age and service requirements for l ] b ,d i a º e normal retirement are:

r i = r t e w d m a n o (1) age sixty-five years or older and [eight ] d m :

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 43 - e a n e d r e l u [ A d five or more years of service credit;

or (2) any age if the member has [eight ] five or more years of service credit and the sum of the member's age and years of service credit equals at least eighty-five." Sflº SECTION 31.

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

"10-11-55.9.

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

A.

for a member with age and service requirements provided under Subsection A of Section 10-11-55.8 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 percent of the final average salary];

for a member withwho agewas andnot servicea requirementsretired hmember gor provideda undermember Subsectionon BJune of30, Section2013, 10-11-55.8 NMSA 1978, o t hr the amountage of pension under form of payment A is equal to two g e i k and one-halfservice percentrequirements offor thenormal finalretirement averageare: salary multiplied by h r i s h credited service.

[The(1) amountage shallsixty-five notyears exceedor ninetyolder percentand ,five t,or emore uyears g of theservice finalcredit; average salary.]"»Sfl e b l e e h SECTION Sflº32.»Sfl Sflº26.»Sfl Section 10-11-55.11 n d d i = = o h l ] b ,d NMSA 1978 (being Laws 1998, Chapter 106, Section 5, as amended) i a º e r i = r is amended to read:

tor e(2) wany dage mif athe nmember ohas "10-11-55.11.five or more years of service credit and the sum of the member's age and years of service credit equals at least eighty-five." SECTION 26.

MUNICIPALSection GENERAL10-11-55.11 MEMBERNMSA COVERAGE1978 PLAN(being 4--Laws d1998, mChapter :106, Section 5, as amended) is amended to read:

b"10-11-55.11. e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 44 - e a n e d r e l u [ A d MEMBER CONTRIBUTION RATE.--A member under municipal general member coverage plan 4 shall contribute fifteen and sixty-five hundredths percent of salary starting with the first full pay period in the calendar month in which municipal general member coverage plan 4 becomes applicable to the member, except that a member whose annual salary is greater than [twenty thousand dollars ($20,000)] twenty-five thousand dollars ($25,000) shall contribute [seventeen and fifteen-hundredths percent of salary]:

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 4--MEMBER CONTRIBUTION RATE.--A member under municipal general member coverage plan 4 shall contribute fifteen and sixty-five hundredths percent of salary starting with the first full pay period in the calendar month in which municipal general member coverage plan 4 becomes applicable to the member, except that a member whose annual salary is SB 72 Page 39 greater than twenty-five thousand dollars ($25,000) shall contribute:

beginning July 1, 2023 and continuing through June 30, 2024, eighteen and fifteen hundredths percent of h salary;

u » r D.

beginning July 1, 2024 and continuing through t h g e l i June 30, 2025, eighteen and sixty-five hundredths percent of h r i s salary;

and h , e h E.

beginning July 1, 2025 and thereafter, nineteen t u g e b l e e , gh and fifteen hundredths percent of salary." n d d i = = o h SECTION Sflº27. 33.»Sfl Sflº27.»Sfl Section 10-11-55.12 l ] b ,d i a º r NMSA 1978 (being Laws 1998, Chapter 106, Section 6, as amended) e r = t e w d m a n o is amended to read:

dSection m10-11-55.12 :NMSA 1978 (being Laws 1998, Chapter 106, Section 6, as amended) is amended to read:

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 45 - e a n e d r e l u [ A d "10-11-55.12.

MUNICIPAL GENERAL MEMBER COVERAGE PLAN 4--4--AFFILIATED AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.---AnRATE.--An affiliated public employer shall contribute [twelve and three-tenths percent] the following percentages of the salary of each member it employs and who is covered under municipal general member coverage plan 4:

SB 72 Page 40 B.

beginning July 1, 2025 and thereafter, fourteen and three-tenths percent of salary." h SECTION Sflº28. 34.»Sfl Sflº28.»Sfl Section 10-11-57 NMSA g o t hr 1978 (being Laws 1987, Chapter 253, Section 57, as amended) is g e i k amended to read:

hSection r10-11-57 iNMSA s1978 "10-11-57.(being Laws 1987, Chapter 253, Section 57, as amended) is amended to read:

MUNICIPAL"10-11-57. POLICE MEMBER COVERAGE PLAN 1--AGE h , t, AND SERVICE REQUIREMENTS FOR NORMAL RETIREMENT.--Under e u g e b l e e h municipal police member coverage plan 1:

nMUNICIPAL dPOLICE dMEMBER iCOVERAGE =PLAN =1--AGE oAND hSERVICE A.REQUIREMENTS FOR NORMAL RETIREMENT.--Under municipal police member coverage plan 1:

forA. a member who was a retired member or a l ] b ,d i a º e member on June 30, 2013, the age and service requirements for r i = r t e w d m a n o normal retirement are:

dfor ma :member who was a retired member or a member on June 30, 2013, the age and service requirements for normal retirement are:

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 46 - e a n e d r e l u [ A d (1) age sixty-five years or older and five or more years of credited service;

(4) age sixty-two years and fourteen or more SB 72 Page 41 years of credited service;

for a member who was not a retired member or a member on June 30, 2013, the age and service requirements for h normal retirement are:

g o t hr (1) age sixty years or older and [six ] five or g e i k more years of service credit;

or h r i s (2) any age and twenty-five or more years of h , t, service credit." eSECTION u29. g e b l e e h SflºSECTION 35.

Section 10-11-5810-11-60 NMSA 1978 (being Laws n d d i = = o h 1987, Chapter 253, Section 58,60, as amended) is amended to read:

l ] b ,d i a º e "10-11-58.

MUNICIPAL POLICE MEMBER COVERAGE PLAN 1-- r i = r t e w d m a n o AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal police d m :

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 47 - e a n e d r e l u [ A d 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.

[The amount shall not exceed ninety percent of the final average salary.]"»Sfl SECTION Sflº36.»Sfl Sflº29.»Sfl Section 10-11-60 NMSA (being Laws 1987, Chapter 253, Section 60, as amended) is amended to read:

MUNICIPAL POLICE MEMBER COVERAGE PLAN 1-- MEMBER CONTRIBUTION RATE.--A member under municipal police member coverage plan 1 shall contribute seven percent of salary starting with the first full pay period in the calendar month in which municipal police member coverage plan 1 becomes applicable to the member, except that a member whose annual salary is greater than [twenty thousand dollars ($20,000) ] twenty-five thousand dollars ($25,000) shall contributecontribute: [eight and one-half percent of salary]:

hSB 72 Page 42 A.

prior to July 1, 2022, eight and one-half g o t hr percent of salary;

g e i k B.

beginning July 1, 2022 and continuing through h r i s June 30, 2023, nine percent of salary;

h , t, e u g C.

beginning July 1, 2023 and continuing through e b l e e h June 30, 2024, nine and one-half percent of salary;

n d d i = = o h D.

beginning July 1, 2024 and continuing through l ] b ,d i a º e June 30, 2025, ten percent of salary;

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

beginning July 1, 2025 and thereafter, ten and done-half mpercent :of salary." SECTION 30.

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 48 - e a n e d r e l u [ A d one-half percent of salary." SECTION Sflº37.»Sfl Sflº30.»Sfl Section 10-11-61 NMSA 1978 (being Laws 1987, Chapter 253, Section 61, as amended) is amended to read:

MUNICIPAL POLICE MEMBER COVERAGE PLAN 1-- AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute [ten and sixty-five hundredths percent] the following percentages of the salary of each member it employs and who is covered under municipal police member coverage plan 1:

beginning July 1, 2023 and continuing through June 30, 2024, eleven and sixty-five hundredths percent of hSB 72 Page 43 salary;

g o t hr D.

beginning July 1, 2024 and continuing through g e i k June 30, 2025, twelve and fifteen-hundredths percent of salary;

h r i s and h , t, E.

beginning July 1, 2025 and thereafter, twelve e u g e b l e e h and sixty-five hundredths percent of salary." n d d i = = o h SECTION Sflº31. 38.»Sfl Sflº31.»Sfl Section 10-11-63 NMSA l ] b ,d i a º e 1978 (being Laws 1987, Chapter 253, Section 63, as amended) is r i = r t e w d m a n o amended to read:

dSection m10-11-63 :NMSA 1978 (being Laws 1987, Chapter 253, Section 63, as amended) is amended to read:

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 49 - e a n e d r e l u [ A d "10-11-63.

hSB 72 Page 44 (6) age sixty years and twenty or more years g o t hr of credited service;

or g e i k (7) any age and twenty-five or more years of h r i s credited service;

and h , t, B.

for a member who was not a retired member or a e u g e b l e e h member on June 30, 2013, the age and service requirements for n d d i = = o h normal retirement are:

l ] b ,d i a º e (1) age sixty years or older and [six ] five or r i = r t e w d m a n o more years of service credit;

or d m :

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 50 - e a n e d r e l u [ A d (2) any age and twenty-five or more years of service credit." Sflº SECTION 39.

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

"10-11-64.

MUNICIPAL POLICE MEMBER COVERAGE PLAN 2-- AMOUNT OF PENSION--FORM OF PAYMENT A.--Under municipal police member coverage plan 2:

A.

for a member with age and service requirements provided under Subsection A of Section 10-11-63 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 percent of the final average salary];

for a member withwho agewas andnot servicea requirementsretired providedmember underor Subsectiona Bmember ofon SectionJune 10-11-6330, NMSA2013, 1978, the amountage ofand pensionservice underrequirements formfor ofnormal paymentretirement Aare: is equal to two h g percent of the final average salary multiplied by credited o t hr service.

[The(1) amountage shallsixty notyears exceedor ninetyolder percentand offive theor gmore eyears iof kservice finalcredit; average salary.]"»Sfl h r i s h SECTION Sflº40.»Sfl Sflº32.»Sfl Section 10-11-66 NMSA , t, e u g 1978 (being Laws 1987, Chapter 253, Section 66, as amended) is e b l e e h amended to read:

nor d(2) dany iage =and =twenty-five oor hmore lyears ]of bservice ,dcredit." "10-11-66.SECTION 32.

MUNICIPALSection POLICE10-11-66 MEMBERNMSA COVERAGE1978 PLAN(being 2--Laws i1987, aChapter º253, eSection r66, ias =amended) ris MEMBERamended CONTRIBUTIONto RATE.--Aread: member under municipal police t e w d m a n o member coverage plan 2 shall contribute seven percent of salary d m :

b"10-11-66. e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 51 - e a n e d r e l u [ A d with the first full pay period in the calendar month in which municipal police member coverage plan 2 becomes applicable to the member, except that a member whose annual salary is greater than [twenty thousand dollars ($20,000) ] twenty-five thousand dollars ($25,000) shall contribute [eight and one-half percent of salary]:

MUNICIPAL POLICE MEMBER COVERAGE PLAN 2-- MEMBER CONTRIBUTION RATE.--A member under municipal police member coverage plan 2 shall contribute seven percent of salary with the first full pay period in the calendar month in which municipal police member coverage plan 2 becomes applicable to the member, except that a member whose annual salary is greater than twenty-five thousand dollars ($25,000) shall contribute:

beginning July 1, 2022 and continuing through SB 72 Page 45 June 30, 2023, nine percent of salary;

beginning July 1, 2025 and thereafter, ten and one-half percent of salary." h SECTION Sflº33. 41.»Sfl Sflº33.»Sfl Section 10-11-67 NMSA g o t hr 1978 (being Laws 1987, Chapter 253, Section 67, as amended) is g e i k amended to read:

hSection r10-11-67 iNMSA s1978 "10-11-67.(being Laws 1987, Chapter 253, Section 67, as amended) is amended to read:

MUNICIPAL"10-11-67. POLICE MEMBER COVERAGE PLAN 2-- h , t, AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated e u g e b l e e h public employer shall contribute [fifteen and sixty-five n d d i = = o h hundredths percent] the following percentages of the salary of l ] b ,d i a º e each member it employs and who is covered under municipal r i = r t e w d m a n o police member coverage plan 2:

dMUNICIPAL mPOLICE :MEMBER COVERAGE PLAN 2-- AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute the following percentages of the salary of each member it employs and who is covered under municipal police member coverage plan 2:

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 52 - e a n e d r e l u [ A d A.

beginning July 1, 2024 and continuing through June 30, 2025, seventeen and fifteen-hundredths percent of SB 72 Page 46 salary;

beginning July 1, 2025 and thereafter, seventeen and sixty-five hundredths percent of salary." SECTION Sflº34. 42.»Sfl Sflº34.»Sfl Section 10-11-69 NMSA (being Laws 1987, Chapter 253, Section 69, as amended) is amended to read:

hSection "10-11-69.10-11-69 NMSA 1978 (being Laws 1987, Chapter 253, Section 69, as amended) is amended to read:

MUNICIPAL"10-11-69. POLICE MEMBER COVERAGE PLAN 3--AGE g o t hr AND SERVICE REQUIREMENTS FOR NORMAL RETIREMENT.--Under g e i k municipal police member coverage plan 3:

hMUNICIPAL rPOLICE iMEMBER sCOVERAGE A.PLAN 3--AGE AND SERVICE REQUIREMENTS FOR NORMAL RETIREMENT.--Under municipal police member coverage plan 3:

forA. a member who was a retired member or a h , t, member on June 30, 2013, the age and service requirements for e u g e b l e e h normal retirement are:

nfor da dmember iwho =was =a oretired hmember (1) age sixty-five years or oldera andmember fiveon orJune l30, ]2013, bthe ,dage iand aservice ºrequirements efor morenormal yearsretirement ofare: credited service;

r(1) i = r t e w d m a n o (2) age sixty-foursixty-five years or older and eightfive or more dyears mof :credited service;

b(2) eage dsixty-four syears ºand oeight tor nmore = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 53 - e a n e d r e l u [ A d years of credited service;

for a member who was not a retired member or a SB 72 Page 47 member on June 30, 2013, the age and service requirements for normal retirement are:

(1) age sixty years or older and [six ] five or more years of service credit;

or (2) any age and twenty-five or more years of service credit." hSECTION SflºSECTION35. 43.

Section 10-11-7010-11-72 NMSA 1978 (being Laws g o t hr 1987, Chapter 253, Section 70,72, 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, e u g member coverage plan 3:

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 r i = r amount of pension under form of payment A is equal to two and 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 = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 54 - e a n e d r e l u [ A d credited service [The amount shall not exceed ninety 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 percent of the final average salary.]"»Sfl SECTION Sflº44.»Sfl Sflº35.»Sfl Section 10-11-72 NMSA (being Laws 1987, Chapter 253, Section 72, as amended) is amended to read:

MUNICIPAL POLICE MEMBER COVERAGE PLAN 3-- MEMBER CONTRIBUTION RATE.--A member under municipal police member coverage plan 3 shall contribute seven percent of salary with the first full pay period in the calendar month in which municipal police member coverage plan 3 becomes applicable to h the member, except that a member whose annual salary is greater u » r than [twenty thousand dollars ($20,000) ] twenty-five thousand t h g e l i dollars ($25,000) shall contributecontribute: [eight and one-half percent h r i s of salary]:

h , e h A.

prior to July 1, 2022, eight and one-half t u g e b l e e , gh percent of salary;

n d d i = = o h B.

beginning July 1, 2022 and continuing through l ] b ,d i a º r June 30, 2023, nine percent of salary;

e r = t e w d m a n o C.

beginning July 1, 2023 and continuing through dJune m30, :2024, nine and one-half percent of salary;

b r e t º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 55 - e a n e d r e l u [ A d June 30, 2024, nine and one-half percent of salary;

and SB 72 Page 48 E.

beginning July 1, 2025 and thereafter, ten and one-half percent of salary." SECTION Sflº36. 45.»Sfl Sflº36.»Sfl Section 10-11-73 NMSA (being Laws 1987, Chapter 253, Section 73, as amended) is amended to read:

Section 10-11-73 NMSA 1978 (being Laws 1987, Chapter 253, Section 73, as amended) is amended to read:

MUNICIPAL POLICE MEMBER COVERAGE PLAN 3-- AFFILIATED PUBLIC EMPLOYER CONTRIBUTION RATE.--The affiliated public employer shall contribute [nineteen and fifteen- hundredths percent] the following percentages of the salary of each member it employs and who is covered under municipal police member coverage plan 3:

prior to July 1, 2022, nineteen and fifteen-fifteen-hundredths hundredths percent of salary;

h B.

beginning July 1, 2022 and continuing through g o t hr June 30, 2023, nineteen and sixty-five hundredths percent of g e i k salary;

h r i s C.

beginning July 1, 2023 and continuing through h , t, June 30, 2024, twenty and fifteen-hundredths percent of salary;

e u g e b l e e h D.

beginning July 1, 2024 and continuing through n d d i = = o h June 30, 2025, twenty and sixty-five hundredths percent of l ] b ,d i a º e salary;

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

beginning July 1, 2025 and thereafter, twenty-twenty-one dand mfifteen-hundredths :percent of salary." SECTION 37.

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 56 - e a n e d r e l u [ A d one and fifteen-hundredths percent of salary." SECTION Sflº46.»Sfl Sflº37.»Sfl Section 10-11-75 NMSA 1978 (being Laws 1987, Chapter 253, Section 75, as amended) is amended to SB 72 Page 49 read:

h (4) age sixty-two years and fourteen or more g o t hr years of credited service;

g e i k (5) age sixty-one years and seventeen or more h r i s years of credited service;

or h , t, (6) any age and twenty or more years of e u g e b l e e h credited service;

and n d d i = = o h B.

for a member who was not a retired member or a l ] b ,d i a º e member on June 30, 2013, the age and service requirements for r i = r t e w d m a n o normal retirement are:

d m :

b e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 57 - e a n e d r e l u [ A d (1) age sixty years or older and [six] five or more years of service credit;

or (2) any age and twenty-five or more years of service credit." Sflº SECTION 47.

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:

A.

for a member with age and service requirements provided under Subsection A of Section 10-11-75 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 percent of the final average salary];

for a member withwho agewas andnot servicea requirementsretired hmember gor provideda undermember Subsectionon BJune of30, Section2013, 10-11-75 NMSA 1978, the oage t hr amount of pension under form of payment A is equal to two and gservice erequirements ifor knormal one-halfretirement percentare: of the final average salary multiplied by h r i s h credited service.

[The(1) amountage shallsixty notyears exceedor ninetyolder percentand ,five t,or emore uyears g of theservice finalcredit; average salary.]"»Sfl e b l e e h SECTION Sflº48.»Sfl Sflº38.»Sfl Section 10-11-78 NMSA n d d i = = o h l ] b ,d 1978 (being Laws 1987, Chapter 253, Section 78, as amended) is i a º e r i = r amended to read:

tor e(2) wany dage mand atwenty-five nor omore "10-11-78.years of SB 72 Page 50 service credit." SECTION 38.

MUNICIPALSection POLICE10-11-78 MEMBERNMSA COVERAGE1978 PLAN(being 4--Laws d1987, mChapter :253, Section 78, as amended) is amended to read:

b"10-11-78. e d s º o t n = .215849.5GLGAIC February 12, 2020 (6:22 pm) s k m e - 58 - e a n e d r e l u [ A d MEMBER CONTRIBUTION RATE.--A member under municipal police member coverage plan 4 shall contribute twelve and thirty-five hundredths percent of salary starting with the first full pay period in the calendar month in which municipal police member coverage plan 4 becomes applicable to the member, except that a member whose annual salary is greater than [twenty thousand dollars ($20,000)] twenty-five thousand dollars ($25,000) shall contribute [thirteen and eighty-five hundredths percent of salary]:

MUNICIPAL POLICE MEMBER COVERAGE PLAN 4-- MEMBER CONTRIBUTION RATE.--A member under municipal police member coverage plan 4 shall contribute twelve and thirty-five hundredths percent of salary starting with the first full pay period in the calendar month in which municipal police member coverage plan 4 becomes applicable to the member, except that a member whose annual salary is greater than twenty-five thousand dollars ($25,000) shall contribute:

beginning July 1, 2023 and continuing through June 30, 2024, fourteen and eighty-five hundredths percent of h salary;

u » r D.

beginning July 1, 2024 and continuing through t h g e l i June 30, 2025, fifteen and thirty-five hundredths percent of h r i s salary;

and h , e h E.