New Mexico 2020 Regular Session Status: In Committee

SB 121 — JUDICIAL AND MAGISTRATE RETIREMENT FUND

Last action — action postponed indefinitely

Track this bill free

No card. One bill, free forever — alerts when it moves.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

338 added · 293 removed

Plain-language change summary

The changes to Senate Bill 121 include adding a clear introduction that states the bill's purpose and highlights its endorsement by the Investments and Pensions Oversight Committee. Additionally, it specifies the provision for appropriating funds into both the Judicial and Magistrate Retirement Funds. These updates are important because they provide transparency about the bill’s intent and ensure that there is designated funding to support the retirement benefits for judges, which can enhance the stability of the judicial system in New Mexico.

→
Previous
Latest
SENATE BILL 121 54 TH LEGISLATURE- STATE OF NEW MEXICO - SECOND SESSION , 2020 INTRODUCED BY Jacob R.
SENATE BILL 121 54TH LEGISLATURE - STATEOFNEWMEXICO- SECOND SESSION , 2020 INTRODUCED BY Jacob R.
Candelaria 6 8 ENDORSED BY THE INVESTMENTS AND PENSIONS OVERSIGHT COMMITTEE 10 AN ACT RELATING TO JUDICIAL RETIREMENT;
Candelaria This document incorporates amendments that have been adopted during the current legislative session.
ALLOWING FOR THE APPROPRIATION OF MONEY INTO THE JUDICIAL RETIREMENT FUND;
The document is a tool to show the amendments in context and is not to be used for the purpose of amendments.
ALLOWING FOR THE APPROPRIATION OF MONEY INTO THE MAGISTRATE RETIREMENT FUND;
ENDORSED BY THE INVESTMENTS AND PENSIONS OVERSIGHT COMMITTEE AN ACT RELATING TO JUDICIAL RETIREMENT;
MAKING APPROPRIATIONS.
ALLOWING FOR THE APPROPRIATION h OF MONEY INTO THE JUDICIAL RETIREMENT FUND;
16 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
ALLOWING FOR THE g o APPROPRIATION OF MONEY INTO THE MAGISTRATE RETIREMENT FUND;
e t 17 SECTION 1.
t hr g e i k MAKING APPROPRIATIONS.
Section 10-12B-3 NMSA 1978 (being Laws 1992, w l n d 18 Chapter 111, Section 3, as amended) is amended to read:
h r i s h , t, BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
= = 19 "10-12B-3.
e u g e b l e e h SECTION 1.
JUDICIAL RETIREMENT FUND ESTABLISHED-- a l i a e r 20 ADMINISTRATION OF FUND--ACCOUNTING FUNDS.-- a t m m 21 A.
Section 10-12B-3 NMSA 1978 (being Laws 1992, n d d i = = o h Chapter 111, Section 3, as amended) is amended to read:
There is established in the state treasury the d r e 22 "judicial retirement fund".
l ] b ,d i a º e "10-12B-3.
The fund [is comprised ] consists c e s k 23 of appropriations, money received from docket and jury fees of e a n b 24 metropolitan courts, district courts, the court of appeals and u [ the supreme court, employer and employee contributions and .216016.1SA [any] all income derived from the investment [earnings on fees and contributions] of the fund.
JUDICIAL RETIREMENT FUND ESTABLISHED-- r i = r t e w d m a n o ADMINISTRATION OF FUND--ACCOUNTING FUNDS.-- d m :
b e d s º o t n = .216016.1SAAIC February 10, 2020 (12:12pm) s k m e e a n e d r e l u [ A d A.
There is established in the state treasury the "judicial retirement fund".
The fund [is comprised ] consists of appropriations, money received from docket and jury fees of metropolitan courts, district courts, the court of appeals and the supreme court, employer and employee contributions and [any] all income derived from the investment [earnings on fees and contributions] of the fund.
For purposes of this section, the accounting funds shall be known as the "member contribution fund", "employer's accumulation fund", "retirement reserve fund" and "income fund".
For purposes of this section, the accounting funds shall be known as the "member contribution fund", h "employer's accumulation fund", "retirement reserve fund" and g o t hr "income fund".
The maintenance of separate accounting funds shall not require the actual segregation of the assets of the fund.
The maintenance of separate accounting funds g e i k shall not require the actual segregation of the assets of the h r i s fund.
C.
h , t, C.
The accounting funds provided for in this e e 17 section are trust funds and shall be used only for the purposes e e n d 18 provided for in the Judicial Retirement Act.
The accounting funds provided for in this e u g e b l e e h section are trust funds and shall be used only for the purposes n d d i = = o h provided for in the Judicial Retirement Act.
= = l ] 19 D.
l ] b ,d i a º e D.
The member contribution fund is the accounting a l r i 20 fund in which shall be accumulated contributions of members and t e a t from which shall be made refunds and transfers of accumulated m m 21 e d r e 22 member contributions as provided in the Judicial Retirement c e r c 23 Act.
The member contribution fund is the accounting r i = r t e w d m a n o fund in which shall be accumulated contributions of members and d m :
The member's court shall cause member contributions to be e a n b 24 deducted from the salary of the member and shall remit the u [ deducted member contributions to the association in accordance .216016.1SA - 2 - with procedures and schedules established by the association.
b e d s º o t n = .216016.1SAAIC February 10, 2020 (12:12pm) s k m e - 2 - e a n e d r e l u [ A d from which shall be made refunds and transfers of accumulated member contributions as provided in the Judicial Retirement Act.
The member's court shall cause member contributions to be deducted from the salary of the member and shall remit the deducted member contributions to the association in accordance with procedures and schedules established by the association.
The employer's accumulation fund is the accounting fund in which shall be accumulated the contributions paid by the state through the member's court.
The employer's accumulation fund is the accounting fund in which shall be accumulated the contributions h paid by the state through the member's court.
The state, through the member's court, shall remit its contributions to the association in accordance with procedures and schedules established by the association.
The state, g o t hr through the member's court, shall remit its contributions to g e i k the association in accordance with procedures and schedules h r i s established by the association.
The board may assess an interest charge and a penalty charge on any late remittance.
The board may assess an h , t, interest charge and a penalty charge on any late remittance.
e e 17 F.
e u g e b l e e h F.
The retirement reserve fund is the accounting e e n d 18 fund from which shall be paid all pensions to retired members = = l ] 19 and survivor beneficiaries and all residual refunds to refund a l r i 20 beneficiaries of retired members and survivor beneficiaries.
The retirement reserve fund is the accounting n d d i = = o h fund from which shall be paid all pensions to retired members l ] b ,d i a º e and survivor beneficiaries and all residual refunds to refund r i = r t e w d m a n o beneficiaries of retired members and survivor beneficiaries.
t e a t G.
d m :
Each year, following receipt of the report of m m 21 e d r e 22 the annual actuarial valuation, the excess, if any, of the c e r c 23 reported actuarial present value of pensions being paid and e a n b 24 likely to be paid to retired members and survivor beneficiaries u [ and residual refunds likely to be paid to refund beneficiaries .216016.1SA - 3 - of retired members and survivor beneficiaries over the balance in the retirement reserve fund shall be transferred to the retirement reserve fund from the employer's accumulation fund.
b e d s º o t n = .216016.1SAAIC February 10, 2020 (12:12pm) s k m e - 3 - e a n e d r e l u [ A d G.
Each year, following receipt of the report of the annual actuarial valuation, the excess, if any, of the reported actuarial present value of pensions being paid and likely to be paid to retired members and survivor beneficiaries and residual refunds likely to be paid to refund beneficiaries of retired members and survivor beneficiaries over the balance in the retirement reserve fund shall be transferred to the retirement reserve fund from the employer's accumulation fund.
I.
h I.
The association shall at least annually distribute all or a portion of the balance in the income fund to the member contribution fund, the retirement reserve fund and the employer's accumulation fund.
The association shall at least annually u » r distribute all or a portion of the balance in the income fund t h g e l i to the member contribution fund, the retirement reserve fund h r i s and the employer's accumulation fund.
Distribution rates shall be determined by the board and may vary for the respective e e 17 accounting funds." e e n d 18 SECTION 2.
Distribution rates shall h , e h be determined by the board and may vary for the respective t u g e b l e e , gh accounting funds." n d d i = = o h SECTION 2.
Section 10-12C-3 NMSA 1978 (being Laws 1992, = = l ] 19 Chapter 118, Section 3, as amended) is amended to read:
Section 10-12C-3 NMSA 1978 (being Laws 1992, l ] b ,d i a º r Chapter 118, Section 3, as amended) is amended to read:
a l r i 20 "10-12C-3.
e r = t e w d m a n o "10-12C-3.
MAGISTRATE RETIREMENT FUND ESTABLISHED-- t e a t ADMINISTRATION OF FUND--ACCOUNTING FUNDS.-- m m 21 e d r e 22 A.
MAGISTRATE RETIREMENT FUND ESTABLISHED-- d m :
There is established in the state treasury the c e r c 23 "magistrate retirement fund".
b r e t º o t n = .216016.1SAAIC February 10, 2020 (12:12pm) s k m e - 4 - e a n e d r e l u [ A d ADMINISTRATION OF FUND--ACCOUNTING FUNDS.-- A.
The fund [is comprised ] consists e a n b 24 of appropriations, money received from docket fees of u [ magistrate courts, employer and member contributions and [any ] .216016.1SA - 4 - all income derived from the investment [earnings on fees and contributions] of the fund.
There is established in the state treasury the "magistrate retirement fund".
The fund [is comprised ] consists of appropriations, money received from docket fees of magistrate courts, employer and member contributions and [any ] all income derived from the investment [earnings on fees and contributions] of the fund.
Show all 69 changed rows (29 more)
Previous
Latest
For purposes of this section, the accounting funds shall be known as the "member contribution fund", "employer's accumulation fund", "retirement reserve fund" and "income fund".
For purposes of this section, the accounting funds shall be known as the "member contribution fund", h "employer's accumulation fund", "retirement reserve fund" and g o t hr "income fund".
The maintenance of separate accounting funds shall not require the actual segregation of the assets of the fund.
The maintenance of separate accounting funds g e i k shall not require the actual segregation of the assets of the h r i s fund.
C.
h , t, C.
The accounting funds provided for in this e e 17 section are trust funds and shall be used only for the purposes e e n d 18 provided for in the Magistrate Retirement Act.
The accounting funds provided for in this e u g e b l e e h section are trust funds and shall be used only for the purposes n d d i = = o h provided for in the Magistrate Retirement Act.
= = l ] 19 D.
l ] b ,d i a º e D.
The member contribution fund is the accounting a l r i 20 fund in which shall be accumulated contributions of members and t e a t from which shall be made refunds and transfers of accumulated m m 21 e d r e 22 member contributions as provided in the Magistrate Retirement c e r c 23 Act.
The member contribution fund is the accounting r i = r t e w d m a n o fund in which shall be accumulated contributions of members and d m :
The member's court shall cause member contributions to be e a n b 24 deducted from the salary of the member and shall remit the u [ deducted member contributions to the association in accordance .216016.1SA - 5 - with procedures and schedules established by the association.
b e d s º o t n = .216016.1SAAIC February 10, 2020 (12:12pm) s k m e - 5 - e a n e d r e l u [ A d from which shall be made refunds and transfers of accumulated member contributions as provided in the Magistrate Retirement Act.
The member's court shall cause member contributions to be deducted from the salary of the member and shall remit the deducted member contributions to the association in accordance with procedures and schedules established by the association.
The employer's accumulation fund is the accounting fund in which shall be accumulated the contributions paid by the state through the administrative office of the courts.
The employer's accumulation fund is the accounting fund in which shall be accumulated the contributions h paid by the state through the administrative office of the g o t hr courts.
The state, through the administrative office of the courts, shall remit its contributions to the association in accordance with procedures and schedules established by the association.
The state, through the administrative office of the g e i k courts, shall remit its contributions to the association in h r i s accordance with procedures and schedules established by the h , t, association.
The board may assess an interest charge and a e e 17 penalty charge on any late remittance.
The board may assess an interest charge and a e u g e b l e e h penalty charge on any late remittance.
e e n d 18 F.
n d d i = = o h F.
The retirement reserve fund is the accounting = = l ] 19 fund from which shall be paid all pensions to retired members a l r i 20 and survivor beneficiaries and all residual refunds to refund t e a t beneficiaries of retired members and survivor beneficiaries.
The retirement reserve fund is the accounting l ] b ,d i a º e fund from which shall be paid all pensions to retired members r i = r t e w d m a n o and survivor beneficiaries and all residual refunds to refund d m :
m m 21 e d r e 22 G.
b e d s º o t n = .216016.1SAAIC February 10, 2020 (12:12pm) s k m e - 6 - e a n e d r e l u [ A d beneficiaries of retired members and survivor beneficiaries.
Each year, following receipt of the report of c e r c 23 the annual actuarial valuation, the excess, if any, of the e a n b 24 reported actuarial present value of pensions being paid and u [ likely to be paid to retired members and survivor beneficiaries .216016.1SA - 6 - and residual refunds likely to be paid to refund beneficiaries of retired members and survivor beneficiaries over the balance in the retirement reserve fund shall be transferred to the retirement reserve fund from the employer's accumulation fund.
G.
Each year, following receipt of the report of the annual actuarial valuation, the excess, if any, of the reported actuarial present value of pensions being paid and likely to be paid to retired members and survivor beneficiaries and residual refunds likely to be paid to refund beneficiaries of retired members and survivor beneficiaries over the balance in the retirement reserve fund shall be transferred to the retirement reserve fund from the employer's accumulation fund.
Expenses related to the administration of the Magistrate Retirement Act shall be paid for from the income fund.
Expenses related to the administration of the Magistrate Retirement Act shall be paid h for from the income fund.
I.
u » r I.
The association shall at least annually distribute all or a portion of the balance in the income fund to the member contribution fund, the retirement reserve fund and the employer's accumulation fund.
The association shall at least annually t h g e l i distribute all or a portion of the balance in the income fund h r i s to the member contribution fund, the retirement reserve fund h , e h and the employer's accumulation fund.
Distribution rates shall e e 17 be determined by the board and may vary for the respective e e n d 18 accounting funds." = = l ] 19 SECTION 3.
Distribution rates shall t u g e b l e e , gh be determined by the board and may vary for the respective n d d i = = o h accounting funds." l ] b ,d i a º r SECTION 3.
APPROPRIATION.--Thirty-two million five a l r i 20 hundred thousand dollars ($32,500,000) is appropriated from the t e a t general fund to the judicial retirement fund for expenditure in m m 21 e d r e 22 fiscal year 2021 and subsequent fiscal years to address c e r c 23 solvency issues related to the Judicial Retirement Act.
APPROPRIATION.--SPACº Thirty-two million five e r = t e w d m a n o hundred thousand dollars ($32,500,000)»SPAC SPACºSix million d m :
Any e a n b 24 unexpended or unencumbered balance remaining at the end of a u [ fiscal year shall not revert to the general fund.
b r e t º o t n = .216016.1SAAIC February 10, 2020 (12:12pm) s k m e - 7 - e a n e d r e l u [ A d dollars ($6,000,000)»SPAC is appropriated from the general fund to the judicial retirement fund for expenditure in fiscal year and subsequent fiscal years to address solvency issues related to the Judicial Retirement Act.
.216016.1SA - 7 - SECTION 4.
APPROPRIATION.--Fourteen million five hundred thousand dollars ($14,500,000) is appropriated from the general fund to the magistrate retirement fund for expenditure in fiscal year 2021 and subsequent fiscal years to address solvency issues related to the Magistrate Retirement Act.
- 8 - 10 12 14 16 e e 17 e e n d 18 = = l ] 19 a l r i 20 t e a t m m 21 e d r e 22 c e r c 23 e a n b 24 u [ .216016.1SA
SECTION 4.
APPROPRIATION.--SPACº Fourteen million five hundred thousand dollars ($14,500,000)»SPAC SPACºFour million dollars ($4,000,000)»SPAC is appropriated from the general fund to the magistrate retirement fund for expenditure in fiscal year 2021 and subsequent fiscal years to address solvency issues related to the Magistrate Retirement Act.
Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.
- 8 - h u » r t h g e l i h r i s h , e h t u g e b l e e , gh n d d i = = o h l ] b ,d i a º r e r = t e w d m a n o d m :
b r e t º o t n = .216016.1SAAIC February 10, 2020 (12:12pm) s k m e e a n e d r e l u [ A d
⬇ Download PDF
View plain text versions (2)

Action History

  1. action postponed indefinitely

  2. DO PASS, as amended, committee report adopted

  3. germane

  4. Sent to Senate Committees' Committee & Senate Public Affairs Committee & Senate Finance Committee

  5. Sent to Senate Pre-file

Sponsors

  • Jacob R. Candelaria · Primary

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 0 co-sponsors · 111 not signed on

Sponsors (1)

  • Candelaria, Jacob R.

Co-sponsors (0)

None.

Not signed on (111)

111 members have not signed on to this bill.

Show all 111 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

civil-rights labor
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors SB 121?
SB 121 is sponsored by Candelaria, Jacob R..
What is the current status of SB 121?
This bill died with 2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 121?
Track SB 121 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on SB 121

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of SB 121

Last checked for changes 2 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →