New Mexico 2025 Regular Session

New Mexico Senate Bill SB117 Compare Versions

Only one version of the bill is available at this time.

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28	28	SENATE BILL 117
29	29	57
30	30	TH LEGISLATURE
31	31	-
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33	33	STATE
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35	35	OF
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39	39	MEXICO
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42	42	FIRST SESSION
43	43	,
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45	45	2025
46	46	INTRODUCED BY
47	47	Michael Padilla and Elizabeth "Liz" Stefanics
48	48	AN ACT
49	49	RELATING TO PUBLIC EMPLOYEE RETIREMENT; REPEALING AND
50	50	REENACTING A NEW SECTION 10-11-118 NMSA 1978 (BEING LAWS 2020,
51	51	CHAPTER 11, SECTION 61) RELATING TO COST-OF-LIVING ADJUSTMENT
52	52	PROVISIONS FOR QUALIFIED PENSION RECIPIENTS; PROVIDING COST-OF-
53	53	LIVING ADJUSTMENTS THAT ARE EQUAL TO SOCIAL SECURITY AND
54	54	SUPPLEMENTAL SECURITY INCOME COST-OF-LIVING ADJUSTMENTS; MAKING
55	55	AN APPROPRIATION.
56	56	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
57	57	SECTION 1. Section 10-11-118 NMSA 1978 (being Laws 2020,
58	58	Chapter 11, Section 61) is repealed and a new Section 10-11-118
59	59	NMSA 1978 is enacted to read:
60	60	"10-11-118. [NEW MATERIAL ] COST-OF-LIVING ADJUSTMENTS--
61	61	QUALIFIED PENSION RECIPIENT.--
62	62	A. A qualified pension recipient is eligible for a
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90	90	cost-of-living pension adjustment. A qualified pension
91	91	recipient is:
92	92	(1) a normal retired member who has been
93	93	retired for at least two full calendar years from the effective
94	94	date of the member's latest retirement prior to July 1 of the
95	95	year in which the pension is being adjusted;
96	96	(2) a normal retired member who has attained
97	97	the age of sixty-five years and has been retired for at least
98	98	one full calendar year from the effective date of the member's
99	99	latest retirement prior to July 1 of the year in which the
100	100	pension is being adjusted;
101	101	(3) a disability retired member who has been
102	102	retired for at least one full calendar year from the effective
103	103	date of the member's latest retirement prior to July 1 of the
104	104	year in which the pension is being adjusted;
105	105	(4) a survivor beneficiary who has received a
106	106	survivor pension for at least two full calendar years; or
107	107	(5) a survivor beneficiary of a deceased
108	108	retired member who otherwise would have been retired for at
109	109	least two full calendar years from the effective date of the
110	110	member's latest retirement prior to July 1 of the year in which
111	111	the pension is being adjusted.
112	112	B. Beginning January 1, 2026, and no later than
113	113	each January 1 thereafter, the retirement board shall certify
114	114	to the association the social security and supplemental
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143	143	security income cost-of-living adjustment determined by the
144	144	federal social security administration for that calendar year.
145	145	C. Beginning July 1, 2026, and each July 1
146	146	thereafter, the cost-of-living adjustment to a qualified
147	147	pension recipient payable pursuant to the Public Employees
148	148	Retirement Act shall be in an amount equal to the amount
149	149	certified by the retirement board pursuant to Subsection B of
150	150	this section, and the amount of increase shall be determined by
151	151	multiplying the amount of pension, inclusive of all prior
152	152	adjustments, by the social security and supplemental security
153	153	income cost-of-living adjustment determined by the federal
154	154	social security administration for that calendar year.
155	155	D. A qualified pension recipient may decline an
156	156	increase in a pension by giving the association written notice
157	157	of the decision to decline the increase at least thirty days
158	158	prior to the date the increase would take effect."
159	159	SECTION 2. APPROPRIATION.--Fifty million dollars
160	160	($50,000,000) is appropriated from the general fund to the
161	161	public employees retirement association for expenditure in
162	162	fiscal year 2026 and subsequent fiscal years to provide
163	163	adequate funding for cost-of-living adjustments to qualified
164	164	pension recipients. Any unexpended or unencumbered balance
165	165	remaining at the end of a fiscal year shall not revert to the
166	166	general fund.
167	167	SECTION 3. EFFECTIVE DATE.--The effective date of the
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196	196	provisions of this act is December 1, 2025.
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