New Mexico 2025 Regular Session

New Mexico Senate Bill SB150 Compare Versions

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

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28	28	SENATE BILL 150
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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37	37	NEW
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39	39	MEXICO
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42	42	FIRST SESSION
43	43	,
44	44
45	45	2025
46	46	INTRODUCED BY
47	47	Elizabeth "Liz" Stefanics and Patricia Roybal Caballero
48	48	AN ACT
49	49	RELATING TO JUDICIAL RETIREMENT; PROVIDING FOR APPROPRIATIONS
50	50	AND INCOME DERIVED FROM INVESTMENTS TO BE CREDITED TO THE
51	51	JUDICIAL RETIREMENT FUND; ADJUSTING YEARS OF SERVICE CREDIT
52	52	REQUIRED FOR CERTAIN JUDGES; INCREASING CERTAIN SERVICE CREDIT
53	53	MULTIPLIERS PROVIDED IN THE JUDICIAL RETIREMENT ACT.
54	54	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
55	55	SECTION 1. Section 10-12B-3 NMSA 1978 (being Laws 1992,
56	56	Chapter 111, Section 3, as amended) is amended to read:
57	57	"10-12B-3. JUDICIAL RETIREMENT FUND ESTABLISHED--
58	58	ADMINISTRATION OF FUND--ACCOUNTING FUNDS.--
59	59	A. There is established in the state treasury the
60	60	"judicial retirement fund". The fund [is comprised ] consists
61	61	of appropriations, money received from docket and jury fees of
62	62	metropolitan courts, district courts, the court of appeals and
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90	90	the supreme court, employer and employee contributions and
91	91	[any] all income derived from the investment [earnings on fees
92	92	and contributions] of the fund. The board is the trustee of
93	93	the fund and shall administer and invest the fund. Investment
94	94	of the fund shall be conducted pursuant to the provisions of
95	95	the Public Employees Retirement Act. The provisions of the
96	96	Judicial Retirement Act shall be administered by the board.
97	97	The board is authorized to promulgate rules. Expenses related
98	98	to the investment of the fund and administration of the
99	99	Judicial Retirement Act shall be paid from the fund.
100	100	B. For purposes of this section, the accounting
101	101	funds shall be known as the "member contribution fund",
102	102	"employer's accumulation fund", "retirement reserve fund" and
103	103	"income fund". The maintenance of separate accounting funds
104	104	shall not require the actual segregation of the assets of the
105	105	fund.
106	106	C. The accounting funds provided for in this
107	107	section are trust funds and shall be used only for the purposes
108	108	provided for in the Judicial Retirement Act.
109	109	D. The member contribution fund is the accounting
110	110	fund in which shall be accumulated contributions of members and
111	111	from which shall be made refunds and transfers of accumulated
112	112	member contributions as provided in the Judicial Retirement
113	113	Act. The member's court shall cause member contributions to be
114	114	deducted from the salary of the member and shall remit the
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143	143	deducted member contributions to the association in accordance
144	144	with procedures and schedules established by the association.
145	145	The association may assess an interest charge and a penalty
146	146	charge on any late remittance. Each member shall be deemed to
147	147	consent and agree to the deductions made and provided for in
148	148	this section. Contributions by members shall be credited to
149	149	the members' individual accounts in the member contribution
150	150	fund. A member's accumulated member contributions shall be
151	151	transferred to the retirement reserve fund when a pension
152	152	becomes payable.
153	153	E. The employer's accumulation fund is the
154	154	accounting fund in which shall be accumulated the contributions
155	155	paid by the state through the member's court. The state,
156	156	through the member's court, shall remit its contributions to
157	157	the association in accordance with procedures and schedules
158	158	established by the association. The board may assess an
159	159	interest charge and a penalty charge on any late remittance.
160	160	F. The retirement reserve fund is the accounting
161	161	fund from which shall be paid all pensions to retired members
162	162	and survivor beneficiaries and all residual refunds to refund
163	163	beneficiaries of retired members and survivor beneficiaries.
164	164	G. Each year, following receipt of the report of
165	165	the annual actuarial valuation, the excess, if any, of the
166	166	reported actuarial present value of pensions being paid and
167	167	likely to be paid to retired members and survivor beneficiaries
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196	196	and residual refunds likely to be paid to refund beneficiaries
197	197	of retired members and survivor beneficiaries over the balance
198	198	in the retirement reserve fund shall be transferred to the
199	199	retirement reserve fund from the employer's accumulation fund.
200	200	H. The income fund is the accounting fund to which
201	201	shall be credited all interest, dividends, rents and other
202	202	income from investments of the fund, all gifts and bequests,
203	203	all unclaimed member contributions and all other money the
204	204	disposition of which is not specifically provided for in the
205	205	Judicial Retirement Act. Expenses related to the
206	206	administration of the Judicial Retirement Act shall be paid for
207	207	from the income fund.
208	208	I. The association shall at least annually
209	209	distribute all or a portion of the balance in the income fund
210	210	to the member contribution fund, the retirement reserve fund
211	211	and the employer's accumulation fund. Distribution rates shall
212	212	be determined by the board and may vary for the respective
213	213	accounting funds."
214	214	SECTION 2. Section 10-12B-8 NMSA 1978 (being Laws 1992,
215	215	Chapter 111, Section 8, as amended) is amended to read:
216	216	"10-12B-8. AGE AND SERVICE CREDIT REQUIREMENTS FOR NORMAL
217	217	RETIREMENT.--
218	218	A. For an individual who initially became a member
219	219	prior to July 1, 2005, the age and service credit requirements
220	220	for retirement provided for in the Judicial Retirement Act are:
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249	249	(1) age sixty-five years or older and five or
250	250	more years of service credit; or
251	251	(2) age sixty years or older and fifteen or
252	252	more years of service credit.
253	253	B. For an individual who initially became a member
254	254	after June 30, 2005 but on or before June 30, 2014, the age and
255	255	service credit requirements for retirement provided for in the
256	256	Judicial Retirement Act are:
257	257	(1) age sixty-five years or older and five or
258	258	more years of service credit; or
259	259	(2) age fifty-five years or older and sixteen
260	260	or more years of service credit.
261	261	C. For an individual who initially became a member
262	262	on or after July 1, 2014, the age and service requirements
263	263	provided for in the Judicial Retirement Act are:
264	264	(1) age sixty-five years and [eight ] five or
265	265	more years of service credit; or
266	266	(2) age sixty years and fifteen or more years
267	267	of service credit.
268	268	D. Except for a member who is retired under any
269	269	state system or the educational retirement system, if a member
270	270	leaves office for any reason, other than removal pursuant to
271	271	Article 6, Section 32 of the constitution of New Mexico, before
272	272	meeting the age and service credit requirements for retirement
273	273	pursuant to the provisions of this section and if that member
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302	302	leaves the member contributions on deposit in the fund, that
303	303	member may apply for retirement when that member meets the age
304	304	and service credit requirements for retirement pursuant to the
305	305	provisions of the Judicial Retirement Act or provisions of the
306	306	Public Employees Retirement Reciprocity Act.
307	307	E. No member shall be eligible to receive a pension
308	308	pursuant to the provisions of the Judicial Retirement Act while
309	309	still in office."
310	310	SECTION 3. Section 10-12B-9 NMSA 1978 (being Laws 1992,
311	311	Chapter 111, Section 9, as amended) is amended to read:
312	312	"10-12B-9. AMOUNT OF PENSION.--
313	313	A. For a judge or justice who occupied such an
314	314	office prior to July 1, 1980, but who had ceased to hold such
315	315	an office prior to that date and who elected to be excluded
316	316	from the provisions of the Judicial Retirement Act; or a judge
317	317	or justice who occupied such an office on July 1, 1980, but who
318	318	elected to be covered under the provisions of the retirement
319	319	plan in effect at that time, the amount of monthly pension is
320	320	an amount equal to one-twelfth of:
321	321	seventy-five percent
322	322	of salary received X number of years of
323	323	during last year in service, not exceeding
324	324	office prior to ten years, divided
325	325	retirement by ten.
326	326	B. For a judge or justice who initially became a
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355	355	member before July 1, 2005 and who initially occupied such an
356	356	office after July 1, 1980; or a judge or justice who occupied
357	357	such an office on or before July 1, 1980 and who has elected to
358	358	be covered pursuant to the provisions of the Judicial
359	359	Retirement Act, the amount of monthly pension is an amount
360	360	equal to the sum of:
361	361	(1) for service credit earned on or before
362	362	June 30, 2014, an amount equal to one-twelfth of:
363	363	seventy-five (number of years of
364	364	percent of salary service not
365	365	received during X .05 X exceeding fifteen
366	366	last year in office years, plus five
367	367	prior to retirement years); [and ]
368	368	(2) for service credit earned on and after
369	369	July 1, 2014, but before July 1, 2025 , an amount equal to one-
370	370	sixtieth of the greatest aggregate amount of salary received
371	371	for sixty consecutive, but not necessarily continuous, months
372	372	in office multiplied by the product of three and one-half
373	373	percent times the number of years of service [credit ];
374	374	(3) for service credit earned on and after
375	375	July 1, 2025, an amount equal to one-sixtieth of the greatest
376	376	aggregate amount of salary received for sixty consecutive, but
377	377	not necessarily continuous, months in office multiplied by the
378	378	product of four percent times the number of years of service
379	379	credit, up to ten years, or one hundred twenty months, of
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408	408	accumulated service credit; and
409	409	(4) for service credit earned after ten years,
410	410	or one hundred twenty months, of service credit earned pursuant
411	411	to this section, an amount equal to one-sixtieth of the
412	412	greatest aggregate amount of salary received for sixty
413	413	consecutive, but not necessarily continuous, months in office
414	414	multiplied by the product of three and one-half percent times
415	415	the number of years of service .
416	416	C. For a judge or justice who initially became a
417	417	member after June 30, 2005 but on or before June 30, 2014, the
418	418	amount of monthly pension is an amount equal to the sum of:
419	419	(1) for service credit earned on or before
420	420	June 30, 2014, an amount equal to one-twelfth of the salary
421	421	received during the last year in office prior to retirement
422	422	multiplied by the product of three and seventy-five hundredths
423	423	percent times the sum of the number of years of service; [and ]
424	424	(2) for service credit earned on and after
425	425	July 1, 2014, but before July 1, 2025 , an amount equal to one-
426	426	sixtieth of the greatest aggregate amount of salary received
427	427	for sixty consecutive, but not necessarily continuous, months
428	428	in office multiplied by the product of three and one-half
429	429	percent times the number of years of service credit;
430	430	(3) for service credit earned on and after
431	431	July 1, 2025, an amount equal to one-sixtieth of the greatest
432	432	aggregate amount of salary received for sixty consecutive, but
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461	461	not necessarily continuous, months in office multiplied by the
462	462	product of four percent times the number of years of service
463	463	credit up to ten years, or one hundred twenty months, of
464	464	accumulated service credit; and
465	465	(4) for service credit earned after ten years,
466	466	or one hundred twenty months, of service credit earned pursuant
467	467	to this section, an amount equal to one-sixtieth of the
468	468	greatest aggregate amount of salary received for sixty
469	469	consecutive, but not necessarily continuous, months in office
470	470	multiplied by the product of three and one-half percent times
471	471	the number of years of service credit .
472	472	D. For a judge or justice who initially became a
473	473	member on or after July 1, 2014, the amount of monthly pension
474	474	[under form of payment A ] is an amount equal to the sum of :
475	475	(1) for service credit earned on or before
476	476	July 1, 2025, an amount equal to one-sixtieth of the greatest
477	477	aggregate amount of salary received for sixty consecutive, but
478	478	not necessarily continuous, months in office multiplied by the
479	479	product of three and one-fourth percent times the number of
480	480	years of service;
481	481	(2) for service credit earned on and after
482	482	July 1, 2025, an amount equal to one-sixtieth of the greatest
483	483	aggregate amount of salary received for sixty consecutive, but
484	484	not necessarily continuous, months in office multiplied by the
485	485	product of four percent times the number of years of service
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514	514	credit up to ten years, or one hundred twenty months, of
515	515	accumulated service credit; and
516	516	(3) for service credit earned after ten years,
517	517	or one hundred twenty months, of service credit earned pursuant
518	518	to this section, an amount equal to one-sixtieth of the
519	519	greatest aggregate amount of salary received for sixty
520	520	consecutive, but not necessarily continuous, months in office
521	521	multiplied by the product of three and one-half percent times
522	522	the number of years of service credit .
523	523	E. [The amount of pension under form of payment A
524	524	for a pension calculated pursuant to Subsection D of this
525	525	section shall not exceed eighty-five percent of one-sixtieth of
526	526	the greatest aggregate amount of salary received for sixty
527	527	consecutive, but not necessarily continuous, months prior to
528	528	the member leaving office ] For a judge or justice who initially
529	529	became a member on or after July 1, 2025, the amount of monthly
530	530	pension is an amount equal to the sum of:
531	531	(1) an amount equal to one-sixtieth of the
532	532	greatest aggregate amount of salary received for sixty
533	533	consecutive, but not necessarily continuous, months in office
534	534	multiplied by the product of four percent times the number of
535	535	years of service credit up to ten years, or one hundred twenty
536	536	months, of accumulated service credit; and
537	537	(2) for service credit earned after ten years,
538	538	or one hundred twenty months, of service credit earned pursuant
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567	567	to this section, an amount equal to one-sixtieth of the
568	568	greatest aggregate amount of salary received for sixty
569	569	consecutive, but not necessarily continuous, months in office
570	570	multiplied by the product of three and one-half percent times
571	571	the number of years of service credit .
572	572	F. The amount of pension payable for a pension
573	573	calculated pursuant to Subsection A, B, [or ] C, D or E of this
574	574	section shall not exceed [eighty-five ] one hundred percent of
575	575	one-sixtieth of the greatest aggregate amount of salary
576	576	received for sixty consecutive, but not necessarily continuous,
577	577	months prior to the member leaving office. A pension benefit
578	578	determined pursuant to this subsection shall not be less than
579	579	the benefit earned as of June 30, 2014."
580	580	SECTION 4. Section 10-12B-10 NMSA 1978 (being Laws 1992,
581	581	Chapter 111, Section 10, as amended) is amended to read:
582	582	"10-12B-10. MEMBER CONTRIBUTIONS--TAX TREATMENT.--
583	583	A. On and after July 1, 2014, but before July 1,
584	584	2025, members, while in office, shall contribute ten and one-
585	585	half percent of salary to the member contribution fund.
586	586	B. On and after July 1, 2025, members, while in
587	587	office, shall contribute fourteen and seventy-four hundredths
588	588	percent of salary to the member contribution fund.
589	589	[B.] C. Upon implementation, the state, acting as
590	590	employer of members covered pursuant to the provisions of the
591	591	Judicial Retirement Act, shall, solely for the purpose of
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620	620	compliance with Section 414(h) of the Internal Revenue Code of
621	621	1986, pick up, for the purposes specified in that section,
622	622	member contributions required by this section for all annual
623	623	salary earned by the member. Member contributions picked up
624	624	pursuant to the provisions of this section shall be treated as
625	625	employer contributions for purposes of determining income tax
626	626	obligations under the Internal Revenue Code of 1986; however,
627	627	such picked-up member contributions shall be included in the
628	628	determination of the member's gross annual salary for all other
629	629	purposes under federal and state laws. Member contributions
630	630	picked up pursuant to the provisions of this section shall
631	631	continue to be designated member contributions for all purposes
632	632	of the Judicial Retirement Act and shall be considered as part
633	633	of the member's annual salary for purposes of determining the
634	634	amount of the member's contribution. The provisions of this
635	635	section are mandatory, and the member shall have no option
636	636	concerning the pickup or concerning the receipt of the
637	637	contributed amounts directly instead of having the amounts paid
638	638	by the employer to the retirement system. Implementation
639	639	occurs upon authorization by the board. In no event may
640	640	implementation occur other than at the beginning of a pay
641	641	period applicable to the member."
642	642	SECTION 5. Section 10-12B-11 NMSA 1978 (being Laws 1992,
643	643	Chapter 111, Section 11, as amended) is amended to read:
644	644	"10-12B-11. EMPLOYER CONTRIBUTIONS.--
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673	673	A. On and after July 1, 2025 , the member's court
674	674	shall contribute [fifteen ] nineteen and twenty-four hundredths
675	675	percent of salary to the fund for each member in office.
676	676	B. Thirty-eight dollars ($38.00) from each civil
677	677	case docket fee paid in the district court, twenty-five dollars
678	678	($25.00) from each civil docket fee paid in metropolitan court
679	679	and ten dollars ($10.00) from each jury fee paid in
680	680	metropolitan court shall be paid by the court clerk to the
681	681	employer's accumulation fund."
682	682	SECTION 6. EFFECTIVE DATE.--The effective date of the
683	683	provisions of this act is July 1, 2025.
684	684	- 13 -
685	685	.229715.1