New Mexico 2025 Regular Session

New Mexico Senate Bill SB75 Compare Versions

Version 1 (Old)

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1		-	~~SB 75~~
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	28	+	SENATE BILL 75
	29	+	57
	30	+	TH LEGISLATURE
	31	+	-
	32	+
	33	+	STATE
	34	+
	35	+	OF
	36	+
	37	+	NEW
	38	+
	39	+	MEXICO
	40	+
	41	+	-
	42	+	FIRST SESSION
	43	+	,
	44	+
	45	+	2025
	46	+	INTRODUCED BY
	47	+	Natalie Figueroa
	48	+	ENDORSED BY THE INVESTMENTS AND PENSIONS OVERSIGHT COMMITTEE
28	49		AN ACT
29	50		RELATING TO EDUCATIONAL RETIREMENT; MAKING CHANGES TO THE
30		-	EDUCATIONAL RETIREMENT ACT; PROVIDING FOR UNCLAIMED MEMBER
31		-	CONTRIBUTIONS TO BE DEPOSITED INTO THE EDUCATIONAL RETIREMENT
32		-	FUND; CLARIFYING CERTAIN TERMS; ALLOWING FOR A MEMBER ON
33		-	DISABILITY STATUS WHO IS OVER SIXTY AND WHO RECEIVES AN
34		-	ANNUITY ADJUSTMENT TO CONTINUE RECEIVING THE ANNUITY
35		-	ADJUSTMENT; REQUIRING PAYMENT OF ALLOWED SERVICE WITHIN
36		-	NINETY DAYS; ALLOWING FOR DISCLOSURE OF MEMBER OR RETIRED
37		-	MEMBER INFORMATION TO THE PUBLIC EMPLOYEES RETIREMENT BOARD
38		-	TO ADMINISTER; REPEALING SECTION 22-11-5.1 NMSA 1978 (BEING
39		-	LAWS 1999, CHAPTER 153, SECTION 2, AS AMENDED).
	51	+	EDUCATIONAL RETIREMENT ACT; CLARIFYING RESTRICTIONS ON RECEIPT
	52	+	OF GIFTS; PROVIDING FOR UNCLAIMED MEMBER CONTRIBUTIONS TO BE
	53	+	DEPOSITED INTO THE EDUCATIONAL RETIREMENT FUND; CLARIFYING
	54	+	CERTAIN TERMS; ALLOWING FOR A MEMBER ON DISABILITY STATUS WHO
	55	+	IS OVER SIXTY AND WHO RECEIVES AN ANNUITY ADJUSTMENT TO
	56	+	CONTINUE RECEIVING THE ANNUITY ADJUSTMENT; REQUIRING PAYMENT OF
	57	+	ALLOWED SERVICE WITHIN NINETY DAYS; ALLOWING FOR DISCLOSURE OF
	58	+	MEMBER OR RETIRED MEMBER INFORMATION TO THE PUBLIC EMPLOYEES
	59	+	RETIREMENT BOARD TO ADMINISTER.
40	60		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
41		-	SECTION 1. Section 22-11-11 NMSA 1978 (being Laws 1967,
42		-	Chapter 16, Section 135, as amended) is amended to read:
43		-	"22-11-11. EDUCATIONAL RETIREMENT FUND--SUSPENSE
44		-	FUND.--
45		-	A. The "educational retirement fund" and the
46		-	"educational retirement suspense fund" are created.
47		-	B. The state treasurer shall be the custodian of
48		-	the funds, and the board shall be the trustee of the funds.
49		-	C. All membership fees, contributions from members
50		-	and local administrative units, securities evidencing the
51		-	investment of money from the fund, unclaimed member SB 75
52		-	Page 2
	61	+	SECTION 1. Section 22-11-5.1 NMSA 1978 (being Laws 1999,
	62	+	Chapter 153, Section 2, as amended) is amended to read:
	63	+	"22-11-5.1. RESTRICTIONS ON RECEIPT OF GIFTS.--Except for
	64	+	.228647.2SA underscored material = new
	65	+	[bracketed material] = delete
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78		-	contributions, interest, gifts, grants or bequests shall be
79		-	deposited in the educational retirement fund.
80		-	D. All amounts received in satisfaction of a claim
81		-	brought by private attorneys on behalf of the board shall be
82		-	deposited into the educational retirement suspense fund. The
83		-	board shall disburse the compensation due the private
84		-	attorneys, together with reimbursement for reasonable costs
85		-	and expenses, in accordance with the terms of the contract
86		-	with the attorneys. After the disbursements have been made,
87		-	the balance of each deposit shall be distributed to the
88		-	educational retirement fund."
89		-	SECTION 2. Section 22-11-24 NMSA 1978 (being Laws 1967,
90		-	Chapter 16, Section 147) is amended to read:
91		-	"22-11-24. RETIREMENT BENEFITS--MINIMUM CONTRIBUTORY
92		-	EMPLOYMENT.--
93		-	A. A member shall have acquired not less than five
94		-	years of contributory employment to be eligible for
95		-	retirement benefits pursuant to the Educational Retirement
96		-	Act.
97		-	B. A member desiring to retire before having
98		-	completed five years of contributory employment shall be
99		-	limited to the maximum benefit the member would have been
100		-	entitled to receive under any statute repealed by the
101		-	Educational Retirement Act. A member may acquire five years
102		-	or less of contributory employment by contributing to the SB 75
103		-	Page 3
	91	+	gifts of food or beverage [given ] consumed in a place of public
	92	+	accommodation [consumed ] at the time of receipt [not exceeding
	93	+	fifty dollars ($50.00) for ] or a single gift of value not
	94	+	exceeding fifty dollars ($50.00) , and the aggregate value of
	95	+	which gifts [may] shall not exceed one hundred fifty dollars
	96	+	($150) in a calendar year, neither a board member nor an
	97	+	employee of the board shall receive or accept anything of value
	98	+	directly or indirectly from a person who:
	99	+	A. has a current contract with the board;
	100	+	B. is a potential bidder, offeror or contractor for
	101	+	the provision of services or personal property to the board;
	102	+	C. is authorized to invest public funds pursuant to
	103	+	state or federal law or is an employee or agent of such a
	104	+	person; or
	105	+	D. is an organization, association or other entity
	106	+	having a membership that includes persons described in
	107	+	Subsections A through C of this section."
	108	+	SECTION 2. Section 22-11-11 NMSA 1978 (being Laws 1967,
	109	+	Chapter 16, Section 135, as amended) is amended to read:
	110	+	"22-11-11. EDUCATIONAL RETIREMENT FUND--SUSPENSE FUND.--
	111	+	A. The "educational retirement fund" and the
	112	+	"educational retirement suspense fund" are created.
	113	+	B. The state treasurer shall be the custodian of
	114	+	the funds, and the board shall be the trustee of the funds.
	115	+	C. All membership fees, contributions from members
	116	+	.228647.2SA
	117	+	- 2 - underscored material = new
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129		-	fund, for each year of contributory employment desired, a sum
130		-	equal to the prevailing combined contributions of the member
131		-	and the local administrative unit in effect at the time the
132		-	contributory employment is acquired. This contribution shall
133		-	be computed on the member's average annual salary for the
134		-	last five years of employment plus an additional sum as
135		-	interest from the effective date of the Educational
136		-	Retirement Act as fixed by the board, but not to exceed three
137		-	percent a year.
138		-	C. Years of contributory employment purchased
139		-	pursuant to this section shall not be considered as an
140		-	addition to service actually performed in computing the sum
141		-	of the member's retirement benefit.
142		-	D. The retirement benefits of members retired
143		-	pursuant to the Educational Retirement Act prior to
144		-	July 1, 1959 and who have acquired contributory employment
145		-	years by purchase shall be computed upon the basis of the
146		-	amount paid therefor.
147		-	E. As used only in this section, "five years of
148		-	contributory employment" means the member and employer have
149		-	made contributions through the last business day of the
150		-	sixtieth month of contributory employment, or if the member
151		-	is under contract, the member and employer have made
152		-	contributions for five years through the last business day
153		-	that the member can provide services under the contract." SB 75
154		-	Page 4
	144	+	and local administrative units, securities evidencing the
	145	+	investment of money from the fund, unclaimed member
	146	+	contributions, interest, gifts, grants or bequests shall be
	147	+	deposited in the educational retirement fund.
	148	+	D. All amounts received in satisfaction of a claim
	149	+	brought by private attorneys on behalf of the board shall be
	150	+	deposited into the educational retirement suspense fund. The
	151	+	board shall disburse the compensation due the private
	152	+	attorneys, together with reimbursement for reasonable costs and
	153	+	expenses, in accordance with the terms of the contract with the
	154	+	attorneys. After the disbursements have been made, the balance
	155	+	of each deposit shall be distributed to the educational
	156	+	retirement fund."
	157	+	SECTION 3. Section 22-11-24 NMSA 1978 (being Laws 1967,
	158	+	Chapter 16, Section 147) is amended to read:
	159	+	"22-11-24. RETIREMENT BENEFITS--MINIMUM CONTRIBUTORY
	160	+	EMPLOYMENT.--
	161	+	A. A member [must] shall have acquired not less
	162	+	than five years of contributory employment to be eligible for
	163	+	retirement benefits pursuant to the Educational Retirement Act.
	164	+	B. A member desiring to retire before having
	165	+	completed five years of contributory employment shall be
	166	+	limited to the maximum benefit [he ] the member would have been
	167	+	entitled to receive under any statute repealed by the
	168	+	Educational Retirement Act. A member may acquire five years or
	169	+	.228647.2SA
	170	+	- 3 - underscored material = new
	171	+	[bracketed material] = delete
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180		-	SECTION 3. Section 22-11-31 NMSA 1978 (being Laws 1979,
181		-	Chapter 333, Section 2, as amended) is amended to read:
182		-	"22-11-31. COST-OF-LIVING ADJUSTMENT--ELIGIBILITY--
183		-	BASED ON FUNDED RATIO--ADDITIONAL CONTRIBUTIONS.--
184		-	A. For the purposes of this section:
185		-	(1) "adjustment factor" means a
186		-	multiplicative factor computed to provide an annuity
187		-	adjustment pursuant to the provisions of Subsection B of this
188		-	section;
189		-	(2) "annuity" means any benefit payable
190		-	under the Educational Retirement Act or the Public Employees
191		-	Retirement Reciprocity Act as a retirement benefit,
192		-	disability benefit or survivor benefit;
193		-	(3) "calendar year" means the full twelve
194		-	months beginning January 1 and ending December 31;
195		-	(4) "consumer price index" means the average
196		-	of the monthly consumer price indexes for a calendar year for
197		-	the entire United States for all items as published by the
198		-	United States department of labor;
199		-	(5) "funded ratio" means the ratio of the
200		-	actuarial value of the assets of the fund to the actuarial
201		-	accrued liability of the educational retirement system;
202		-	(6) "median adjusted annuity" means the
203		-	median value of all annuities and retirement benefits paid
204		-	pursuant to Section 22-11-29 or 22-11-30 NMSA 1978, as SB 75
205		-	Page 5
	197	+	less of contributory employment by contributing to the fund,
	198	+	for each year of contributory employment desired, a sum equal
	199	+	to the prevailing combined contributions of the member and the
	200	+	local administrative unit in effect at the time the
	201	+	contributory employment is acquired. This contribution shall
	202	+	be computed on the member's average annual salary for the last
	203	+	five years of employment plus an additional sum as interest
	204	+	from the effective date of the Educational Retirement Act as
	205	+	fixed by the board, but not to exceed three percent a year.
	206	+	C. Years of contributory employment purchased
	207	+	pursuant to this section shall not be considered as an addition
	208	+	to service actually performed in computing the sum of the
	209	+	member's retirement benefit.
	210	+	D. The retirement benefits of members retired
	211	+	pursuant to the Educational Retirement Act prior to July 1,
	212	+	1959 and who have acquired contributory employment years by
	213	+	purchase shall be computed upon the basis of the amount paid
	214	+	therefor.
	215	+	E. As used only in this section, "five years of
	216	+	contributory employment" means the member and employer have
	217	+	made contributions through the last business day of the
	218	+	sixtieth month of contributory employment, or if the member is
	219	+	under contract, the member and employer have made contributions
	220	+	for five years through the last business day that the member
	221	+	can provide services under the contract. "
	222	+	.228647.2SA
	223	+	- 4 - underscored material = new
	224	+	[bracketed material] = delete
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231		-	calculated each fiscal year; provided, however, that the
232		-	benefits paid to a member pursuant to Section 22-11-38 NMSA
233		-	1978 shall not be included in the median adjusted annuity
234		-	calculation;
235		-	(7) "next preceding calendar year" means the
236		-	full calendar year immediately prior to the preceding
237		-	calendar year; and
238		-	(8) "preceding calendar year" means the full
239		-	calendar year preceding the July 1 on which a benefit is to
240		-	be adjusted.
241		-	B. On or after July 1, 1984:
242		-	(1) the annuity of a member who retires
243		-	pursuant to Subsection A of Section 22-11-23 NMSA 1978 or
244		-	Subsection A of Section 22-11-23.1 NMSA 1978 shall be
245		-	adjusted annually and cumulatively commencing on July 1 of
246		-	the year in which a member attains the age of sixty-five
247		-	years or on July 1 following the year a member retires,
248		-	whichever is later; and
249		-	(2) the annuity of a member who retires
250		-	pursuant to Subsection A of Section 22-11-23.2 NMSA 1978
251		-	shall be adjusted annually and cumulatively commencing on
252		-	July 1 of the year in which the member attains the age of
253		-	sixty-seven years or on July 1 following the year the member
254		-	retires, whichever is later.
255		-	C. Beginning on July 1, 2013 and on each July 1 SB 75
256		-	Page 6
	250	+	SECTION 4. Section 22-11-31 NMSA 1978 (being Laws 1979,
	251	+	Chapter 333, Section 2, as amended) is amended to read:
	252	+	"22-11-31. COST-OF-LIVING ADJUSTMENT--ELIGIBILITY--BASED
	253	+	ON FUNDED RATIO--ADDITIONAL CONTRIBUTIONS.--
	254	+	A. For the purposes of this section:
	255	+	(1) "adjustment factor" means a multiplicative
	256	+	factor computed to provide an annuity adjustment pursuant to
	257	+	the provisions of Subsection B of this section;
	258	+	(2) "annuity" means any benefit payable under
	259	+	the Educational Retirement Act or the Public Employees
	260	+	Retirement Reciprocity Act as a retirement benefit, disability
	261	+	benefit or survivor benefit;
	262	+	(3) "calendar year" means the full twelve
	263	+	months beginning January 1 and ending December 31;
	264	+	(4) "consumer price index" means the average
	265	+	of the monthly consumer price indexes for a calendar year for
	266	+	the entire United States for all items as published by the
	267	+	United States department of labor;
	268	+	(5) "funded ratio" means the ratio of the
	269	+	actuarial value of the assets of the fund to the actuarial
	270	+	accrued liability of the educational retirement system;
	271	+	(6) "median adjusted annuity" means the median
	272	+	value of all annuities and retirement benefits paid pursuant to
	273	+	Section 22-11-29 or 22-11-30 NMSA 1978, as calculated each
	274	+	fiscal year; provided, however, that the benefits paid to a
	275	+	.228647.2SA
	276	+	- 5 - underscored material = new
	277	+	[bracketed material] = delete
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	303	+	member pursuant to Section 22-11-38 NMSA 1978 shall not be
	304	+	included in the median adjusted annuity calculation;
	305	+	(7) "next preceding calendar year" means the
	306	+	full calendar year immediately prior to the preceding calendar
	307	+	year; and
	308	+	(8) "preceding calendar year" means the full
	309	+	calendar year preceding the July 1 on which a benefit is to be
	310	+	adjusted.
	311	+	B. On or after July 1, 1984:
	312	+	(1) the annuity of a member who retires
	313	+	pursuant to Subsection A of Section 22-11-23 NMSA 1978 or
	314	+	Subsection A of Section 22-11-23.1 NMSA 1978 shall be adjusted
	315	+	annually and cumulatively commencing on July 1 of the year in
	316	+	which a member attains the age of sixty-five years or on July 1
	317	+	following the year a member retires, whichever is later; and
	318	+	(2) the annuity of a member who retires
	319	+	pursuant to Subsection A of Section 22-11-23.2 NMSA 1978 shall
	320	+	be adjusted annually and cumulatively commencing on July 1 of
	321	+	the year in which the member attains the age of sixty-seven
	322	+	years or on July 1 following the year the member retires,
	323	+	whichever is later.
	324	+	C. Beginning on July 1, 2013 and on each July 1
282	325		thereafter:
283	326		(1) if the funded ratio of the fund as
284	327		reported by the board's actuary in the actuarial valuation
285		-	report for the next preceding fiscal year is one hundred
286		-	percent or greater, the annuity adjustments provided for
287		-	under Subsection B of this section shall be adjusted by
288		-	applying an adjustment factor based on the percentage
289		-	increase of the consumer price index between the next
290		-	preceding calendar year and the preceding calendar year. The
291		-	adjustment factor shall be applied as follows:
292		-	(a) if the percentage increase of the
293		-	consumer price index is less than two percent in absolute
294		-	value, the adjustment factor shall be the same amount as the
295		-	percentage increase of the consumer price index; and
296		-	(b) if the percentage increase of the
297		-	consumer price index is two percent or greater in absolute
298		-	value, the adjustment factor shall be one-half of the
299		-	percentage increase; except that the adjustment shall not
300		-	exceed four percent in absolute value nor be less than two
301		-	percent in absolute value;
302		-	(2) if the funded ratio of the fund as
303		-	reported by the board's actuary in the actuarial report for
304		-	the next preceding fiscal year is greater than ninety percent
305		-	but less than one hundred percent, except for a member who is
306		-	on disability status in accordance with Section 22-11-35 NMSA SB 75
307		-	Page 7
	328	+	.228647.2SA
	329	+	- 6 - underscored material = new
	330	+	[bracketed material] = delete
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333		-	1978 and whose benefit is adjusted as provided in Subsection
334		-	G of this section or a member who is retired pursuant to
335		-	Section 22-11-38 NMSA 1978, the adjustment factor provided
336		-	for in Subsection B of this section shall be applied as
337		-	follows:
338		-	(a) if the percentage increase in the
	356	+	report for the next preceding fiscal year is one hundred
	357	+	percent or greater, the annuity adjustments provided for under
	358	+	Subsection B of this section shall be adjusted by applying an
	359	+	adjustment factor based on the percentage increase of the
	360	+	consumer price index between the next preceding calendar year
	361	+	and the preceding calendar year. The adjustment factor shall
	362	+	be applied as follows:
	363	+	(a) if the percentage increase of the
339	364		consumer price index is less than two percent in absolute
340		-	value, ~~for a member who has twenty-five~~ ~~or more years of~~
341		-	~~service credit at retirement~~ and ~~whose annuity is less than~~
342		-	~~or equal to~~ the ~~median adjusted annuity for~~ the ~~fiscal year~~
343		-	~~next preceding the adjustment date,~~ ~~the adjustment factor~~
344		-	~~shall be ninety-five percent of~~ the adjustment factor
345		-	~~determined pursuant to Subparagraph (a) of Paragraph (1) of~~
346		-	~~this subsection;~~
347		-	~~(b) if the percentage increase~~ in ~~the~~
348		-	~~consumer price index is less than two percent in absolute~~
349		-	~~value,~~ for ~~a member who has less than twenty-five years of~~
350		-	~~service credit at retirement and whose annuity~~ is ~~less~~ than
351		-	~~or equal to the median adjusted annuity~~ for ~~the fiscal year~~
352		-	~~next preceding the adjustment date,~~ ~~and for a member whose~~
353		-	~~annuity~~ is ~~greater than the median~~ adjusted ~~annuity for the~~
354		-	~~fiscal year next preceding the adjustment date,~~ ~~the~~
355		-	adjustment factor ~~shall be ninety percent of the adjustment~~
356		-	~~factor determined pursuant to Subparagraph (a) of Paragraph~~
357		-	~~(1) of this subsection;~~ ~~SB 75~~
358		-	~~Page 8~~
	365	+	value, the adjustment factor shall be the same amount as the
	366	+	percentage increase of the consumer price index; and
	367	+	(b) if the percentage increase of the
	368	+	consumer price index is two percent or greater in absolute
	369	+	value, the adjustment factor shall be one-half of the
	370	+	percentage increase; except that the adjustment shall not
	371	+	exceed four percent in absolute value nor be less than two
	372	+	percent in absolute value;
	373	+	(2) if the funded ratio of the fund as
	374	+	reported by the board's actuary in the actuarial report for the
	375	+	next preceding fiscal year is greater than ninety percent but
	376	+	less than one hundred percent, except for a member who is on
	377	+	disability status in accordance with Section 22-11-35 NMSA 1978
	378	+	and whose benefit is adjusted as provided in Subsection G of
	379	+	this section or a member who is retired pursuant to Section
	380	+	22-11-38 NMSA 1978, the adjustment factor provided for in
	381	+	.228647.2SA
	382	+	- 7 - underscored material = new
	383	+	[bracketed material] = delete
359	384		1
360	385		2
361	386		3
362	387		4
363	388		5
364	389		6
365	390		7
366	391		8
367	392		9
368	393		10
369	394		11
370	395		12
371	396		13
372	397		14
373	398		15
374	399		16
375	400		17
376	401		18
377	402		19
378	403		20
379	404		21
380	405		22
381	406		23
382	407		24
383	408		25
	409	+	Subsection B of this section shall be applied as follows:
	410	+	(a) if the percentage increase in the
	411	+	consumer price index is less than two percent in absolute
	412	+	value, for a member who has twenty-five or more years of
	413	+	service credit at retirement and whose annuity is less than or
	414	+	equal to the median adjusted annuity for the fiscal year next
	415	+	preceding the adjustment date, the adjustment factor shall be
	416	+	ninety-five percent of the adjustment factor determined
	417	+	pursuant to Subparagraph (a) of Paragraph (1) of this
	418	+	subsection;
	419	+	(b) if the percentage increase in the
	420	+	consumer price index is less than two percent in absolute
	421	+	value, for a member who has less than twenty-five years of
	422	+	service credit at retirement and whose annuity is less than or
	423	+	equal to the median adjusted annuity for the fiscal year next
	424	+	preceding the adjustment date, and for a member whose annuity
	425	+	is greater than the median adjusted annuity for the fiscal year
	426	+	next preceding the adjustment date, the adjustment factor shall
	427	+	be ninety percent of the adjustment factor determined pursuant
	428	+	to Subparagraph (a) of Paragraph (1) of this subsection;
384	429		(c) if the percentage increase in the
385		-	consumer price index is greater than or equal to two percent
386		-	in absolute value for a member who has twenty-five or more
387		-	years of service credit at retirement and whose annuity is
388		-	less than or equal to the median adjusted annuity for the
389		-	fiscal year next preceding the adjustment date, the
390		-	adjustment factor shall be ninety-five percent of the
391		-	adjustment factor determined under Subparagraph (b) of
392		-	Paragraph (1) of this subsection; and
393		-	(d) if the percentage increase in the
394		-	consumer price index is greater than or equal to two percent
395		-	in absolute value, for a member who has less than twenty-five
396		-	years of service credit at retirement and whose annuity is
397		-	less than or equal to the median adjusted annuity for the
398		-	fiscal year next preceding the adjustment date, and for a
399		-	member whose annuity is greater than the median adjusted
400		-	annuity for the fiscal year next preceding the adjustment
401		-	date, the adjustment factor shall be ninety percent of the
402		-	adjustment factor determined under Subparagraph (b) of
403		-	Paragraph (1) of this subsection;
404		-	(3) if the funded ratio of the fund as
405		-	reported by the board's actuary in the actuarial valuation
406		-	report for the next preceding fiscal year is ninety percent
407		-	or less, except for a member who is on disability status in
408		-	accordance with Section 22-11-35 NMSA 1978 and whose benefit SB 75
409		-	Page 9
	430	+	consumer price index is greater than or equal to two percent in
	431	+	absolute value for a member who has twenty-five or more years
	432	+	of service credit at retirement and whose annuity is less than
	433	+	or equal to the median adjusted annuity for the fiscal year
	434	+	.228647.2SA
	435	+	- 8 - underscored material = new
	436	+	[bracketed material] = delete
410	437		1
411	438		2
412	439		3
413	440		4
414	441		5
415	442		6
416	443		7
417	444		8
418	445		9
419	446		10
420	447		11
421	448		12
422	449		13
423	450		14
424	451		15
425	452		16
426	453		17
427	454		18
428	455		19
429	456		20
430	457		21
431	458		22
432	459		23
433	460		24
434	461		25
435		-	is adjusted as provided in Subsection G of this section or a
	462	+	next preceding the adjustment date, the adjustment factor shall
	463	+	be ninety-five percent of the adjustment factor determined
	464	+	under Subparagraph (b) of Paragraph (1) of this subsection; and
	465	+	(d) if the percentage increase in the
	466	+	consumer price index is greater than or equal to two percent in
	467	+	absolute value, for a member who has less than twenty-five
	468	+	years of service credit at retirement and whose annuity is less
	469	+	than or equal to the median adjusted annuity for the fiscal
	470	+	year next preceding the adjustment date, and for a member whose
	471	+	annuity is greater than the median adjusted annuity for the
	472	+	fiscal year next preceding the adjustment date, the adjustment
	473	+	factor shall be ninety percent of the adjustment factor
	474	+	determined under Subparagraph (b) of Paragraph (1) of this
	475	+	subsection;
	476	+	(3) if the funded ratio of the fund as
	477	+	reported by the board's actuary in the actuarial valuation
	478	+	report for the next preceding fiscal year is ninety percent or
	479	+	less, except for a member who is on disability status in
	480	+	accordance with Section 22-11-35 NMSA 1978 and whose benefit is
	481	+	adjusted as provided in Subsection G of this section or a
436	482		member who is retired pursuant to Section 22-11-38 NMSA 1978,
437	483		the adjustment factor provided for in Subsection B of this
438	484		section shall be applied as follows:
439	485		(a) if the percentage increase in the
440	486		consumer price index is less than two percent in absolute
441		-	value, for a member who has twenty-five or more years of
442		-	service credit at retirement and whose annuity is less than
443		-	or equal to the median adjusted annuity for the fiscal year
444		-	next preceding the adjustment date, the adjustment factor
445		-	shall be ninety percent of the adjustment factor determined
446		-	pursuant to Subparagraph (a) of Paragraph (1) of this
447		-	subsection;
448		-	(b) if the percentage increase in the
449		-	consumer price index is less than two percent in absolute
450		-	value, for a member who has less than twenty-five years of
451		-	service credit at retirement and whose annuity is less than
452		-	or equal to the median adjusted annuity for the fiscal year
453		-	next preceding the adjustment date, and for a member whose
454		-	annuity is greater than the median adjusted annuity for the
455		-	fiscal year next preceding the adjustment date, the
456		-	adjustment factor shall be eighty percent of the adjustment
457		-	factor determined pursuant to Subparagraph (a) of Paragraph
458		-	(1) of this subsection;
459		-	(c) if the percentage increase in the SB 75
460		-	Page 10
	487	+	.228647.2SA
	488	+	- 9 - underscored material = new
	489	+	[bracketed material] = delete
461	490		1
462	491		2
463	492		3
464	493		4
465	494		5
466	495		6
467	496		7
468	497		8
469	498		9
470	499		10
471	500		11
472	501		12
473	502		13
474	503		14
475	504		15
476	505		16
477	506		17
478	507		18
479	508		19
480	509		20
481	510		21
482	511		22
483	512		23
484	513		24
485	514		25
486		-	consumer price index is greater than or equal to two percent
487		-	in absolute value for a member who has twenty-five or more
488		-	years of service credit at retirement and whose annuity is
489		-	less than or equal to the median adjusted annuity for the
490		-	fiscal year next preceding the adjustment date, the
491		-	adjustment factor shall be ninety percent of the adjustment
492		-	factor determined under Subparagraph (b) of Paragraph (1) of
493		-	this subsection; and
	515	+	value, for a member who has twenty-five or more years of
	516	+	service credit at retirement and whose annuity is less than or
	517	+	equal to the median adjusted annuity for the fiscal year next
	518	+	preceding the adjustment date, the adjustment factor shall be
	519	+	ninety percent of the adjustment factor determined pursuant to
	520	+	Subparagraph (a) of Paragraph (1) of this subsection;
	521	+	(b) if the percentage increase in the
	522	+	consumer price index is less than two percent in absolute
	523	+	value, for a member who has less than twenty-five years of
	524	+	service credit at retirement and whose annuity is less than or
	525	+	equal to the median adjusted annuity for the fiscal year next
	526	+	preceding the adjustment date, and for a member whose annuity
	527	+	is greater than the median adjusted annuity for the fiscal year
	528	+	next preceding the adjustment date, the adjustment factor shall
	529	+	be eighty percent of the adjustment factor determined pursuant
	530	+	to Subparagraph (a) of Paragraph (1) of this subsection;
	531	+	(c) if the percentage increase in the
	532	+	consumer price index is greater than or equal to two percent in
	533	+	absolute value for a member who has twenty-five or more years
	534	+	of service credit at retirement and whose annuity is less than
	535	+	or equal to the median adjusted annuity for the fiscal year
	536	+	next preceding the adjustment date, the adjustment factor shall
	537	+	be ninety percent of the adjustment factor determined under
	538	+	Subparagraph (b) of Paragraph (1) of this subsection; and
494	539		(d) if the percentage increase in the
495		-	consumer price index is greater than or equal to two percent
496		-	in absolute value, for a member who has less than twenty-five
497		-	years of service credit at retirement and whose annuity is
498		-	less than or equal to the median adjusted annuity for the
499		-	fiscal year next preceding the adjustment date, and for a
500		-	member whose annuity is greater than the median adjusted
501		-	annuity for the fiscal year next preceding the adjustment
502		-	date, the adjustment factor shall be eighty percent of the
503		-	adjustment factor determined under Subparagraph (b) of
504		-	Paragraph (1) of this subsection; and
505		-	(4) an annuity shall not be decreased if
506		-	there is a decrease in the consumer price index between the
507		-	next preceding calendar year and the preceding calendar year.
508		-	D. A retired member whose benefit is subject to
509		-	adjustment under the provisions of the Educational Retirement
510		-	Act in effect prior to July 1, 1984 shall have the member's SB 75
511		-	Page 11
	540	+	.228647.2SA
	541	+	- 10 - underscored material = new
	542	+	[bracketed material] = delete
512	543		1
513	544		2
514	545		3
515	546		4
516	547		5
517	548		6
518	549		7
519	550		8
520	551		9
521	552		10
522	553		11
523	554		12
524	555		13
525	556		14
526	557		15
527	558		16
528	559		17
529	560		18
530	561		19
531	562		20
532	563		21
533	564		22
534	565		23
535	566		24
536	567		25
	568	+	consumer price index is greater than or equal to two percent in
	569	+	absolute value, for a member who has less than twenty-five
	570	+	years of service credit at retirement and whose annuity is less
	571	+	than or equal to the median adjusted annuity for the fiscal
	572	+	year next preceding the adjustment date, and for a member whose
	573	+	annuity is greater than the median adjusted annuity for the
	574	+	fiscal year next preceding the adjustment date, the adjustment
	575	+	factor shall be eighty percent of the adjustment factor
	576	+	determined under Subparagraph (b) of Paragraph (1) of this
	577	+	subsection; and
	578	+	(4) an annuity shall not be decreased if there
	579	+	is a decrease in the consumer price index between the next
	580	+	preceding calendar year and the preceding calendar year.
	581	+	D. A retired member whose benefit is subject to
	582	+	adjustment under the provisions of the Educational Retirement
	583	+	Act in effect prior to July 1, 1984 shall have the member's
537	584		annuity readjusted annually and cumulatively under the
538	585		provisions of that act in effect prior to July 1, 1984 until
539	586		July 1 of the year in which the member attains the age of
540	587		sixty-five years, when the member shall have the annuity
541	588		readjusted annually and cumulatively under the provisions of
542	589		this section.
543	590		E. A member who:
544	591		(1) retires pursuant to Subsection A of
545	592		Section 22-11-23 NMSA 1978 or Subsection A of Section
546		-	22-11-23.1 NMSA 1978 after attaining the age of sixty-five
547		-	years shall have the member's annuity adjusted as provided in
548		-	Subsections B and C of this section commencing on July 1 of
549		-	the year following the member's retirement; or
550		-	(2) retires pursuant to Subsection A of
551		-	Section 22-11-23.2 NMSA 1978 after attaining the age of
552		-	sixty-seven years shall have the member's annuity adjusted as
553		-	provided in Subsections B and C of this section commencing on
554		-	July 1 of the year following the member's retirement.
555		-	F. A retired member who returns to work and
556		-	suspends retirement shall be subject to the provisions of
557		-	this section as they exist at the time of the member's latest
558		-	retirement.
559		-	G. Benefits of a member who is on a disability
560		-	status in accordance with Section 22-11-35 NMSA 1978 or a
561		-	member who is certified by the board as disabled at regular SB 75
562		-	Page 12
	593	+	.228647.2SA
	594	+	- 11 - underscored material = new
	595	+	[bracketed material] = delete
563	596		1
564	597		2
565	598		3
566	599		4
567	600		5
568	601		6
569	602		7
570	603		8
571	604		9
572	605		10
573	606		11
574	607		12
575	608		13
576	609		14
577	610		15
578	611		16
579	612		17
580	613		18
581	614		19
582	615		20
583	616		21
584	617		22
585	618		23
586	619		24
587	620		25
	621	+	22-11-23.1 NMSA 1978 after attaining the age of sixty-five
	622	+	years shall have the member's annuity adjusted as provided in
	623	+	Subsections B and C of this section commencing on July 1 of the
	624	+	year following the member's retirement; or
	625	+	(2) retires pursuant to Subsection A of
	626	+	Section 22-11-23.2 NMSA 1978 after attaining the age of
	627	+	sixty-seven years shall have the member's annuity adjusted as
	628	+	provided in Subsections B and C of this section commencing on
	629	+	July 1 of the year following the member's retirement.
	630	+	F. A retired member who returns to work and
	631	+	suspends retirement shall be subject to the provisions of this
	632	+	section as they exist at the time of the member's latest
	633	+	retirement.
	634	+	G. Benefits of a member who is on a disability
	635	+	status in accordance with Section 22-11-35 NMSA 1978 or a
	636	+	member who is certified by the board as disabled at regular
588	637		retirement shall be adjusted in accordance with Subsections B
589		-	and C of this section; provided that:
	638	+	and C of this section; [except ] provided that:
590	639		(1) the benefits shall be adjusted annually
591	640		and cumulatively commencing on July 1 of the third full year
592	641		following the year in which the member was approved by the
593	642		board for disability or retirement; and
594	643		(2) upon attaining the age of sixty years, a
595	644		member on a disability status who is receiving an annuity
596	645		adjustment pursuant to this section shall continue to receive
597		-	the annuity adjustment at the rate of benefits received for
598		-	the disability."
599		-	SECTION 4. Section 22-11-34 NMSA 1978 (being Laws 1967,
600		-	Chapter 16, Section 157, as amended) is amended to read:
601		-	"22-11-34. ALLOWED SERVICE CREDIT.--
602		-	A. A member shall be certified to have acquired
603		-	allowed service credit pursuant to the Internal Revenue Code
604		-	of 1986 for those periods of time when the member was:
605		-	(1) employed prior to July 1, 1967 in a
606		-	federal educational program within New Mexico, including
607		-	United States Indian schools and civilian conservation corps
608		-	camps. This service credit shall be allowed without
609		-	contribution;
610		-	(2) engaged in military service that
611		-	interrupted the member's employment in New Mexico if the
612		-	member returned to employment within eighteen months SB 75
613		-	Page 13
	646	+	.228647.2SA
	647	+	- 12 - underscored material = new
	648	+	[bracketed material] = delete
614	649		1
615	650		2
616	651		3
617	652		4
618	653		5
619	654		6
620	655		7
621	656		8
622	657		9
623	658		10
624	659		11
625	660		12
626	661		13
627	662		14
628	663		15
629	664		16
630	665		17
631	666		18
632	667		19
633	668		20
634	669		21
635	670		22
636	671		23
637	672		24
638	673		25
639		-	following honorable discharge. This service credit shall be
640		-	allowed without contribution;
641		-	(3) engaged in United States military
642		-	service or the commissioned corps of the public health
643		-	service from which the member was honorably discharged;
644		-	provided that:
	674	+	the annuity adjustment at the rate of benefits received for the
	675	+	disability."
	676	+	SECTION 5. Section 22-11-34 NMSA 1978 (being Laws 1967,
	677	+	Chapter 16, Section 157, as amended) is amended to read:
	678	+	"22-11-34. ALLOWED SERVICE CREDIT.--
	679	+	A. A member shall be certified to have acquired
	680	+	allowed service credit pursuant to the Internal Revenue Code of
	681	+	1986 for those periods of time when the member was:
	682	+	(1) employed prior to July 1, 1967 in a
	683	+	federal educational program within New Mexico, including United
	684	+	States Indian schools and civilian conservation corps camps.
	685	+	This service credit shall be allowed without contribution;
	686	+	(2) engaged in military service that
	687	+	interrupted the member's employment in New Mexico if the member
	688	+	returned to employment within eighteen months following
	689	+	honorable discharge. This service credit shall be allowed
	690	+	without contribution;
	691	+	(3) engaged in United States military service
	692	+	or the commissioned corps of the public health service from
	693	+	which the member was honorably discharged; provided that:
645	694		(a) the member shall have five years or
646	695		more of contributory employment to be eligible to purchase
647	696		allowed service credit pursuant to this paragraph;
648	697		(b) the member shall contribute to the
649	698		fund, for each year of service credit the member elects to
650		-	purchase, a sum equal to the member's average annual actual
651		-	salary for the five years preceding the date of the
652		-	contribution multiplied by the sum of the member contribution
653		-	rate and the employer contribution rate in effect at the time
654		-	of the member's written election to purchase, subject to the
655		-	federal Uniformed Services Employment and Reemployment Rights
656		-	Act of 1994;
657		-	(c) full payment shall be made within
658		-	ninety days of the date that the member is informed of the
659		-	amount of the payment; and
660		-	(d) the portion of the purchase cost
661		-	derived from the employer's contribution rate shall be
662		-	credited to the fund and, in the event that a member requests
663		-	a refund of contributions pursuant to Section 22-11-15 NMSA SB 75
664		-	Page 14
	699	+	.228647.2SA
	700	+	- 13 - underscored material = new
	701	+	[bracketed material] = delete
665	702		1
666	703		2
667	704		3
668	705		4
669	706		5
670	707		6
671	708		7
672	709		8
673	710		9
674	711		10
675	712		11
676	713		12
677	714		13
678	715		14
679	716		15
680	717		16
681	718		17
682	719		18
683	720		19
684	721		20
685	722		21
686	723		22
687	724		23
688	725		24
689	726		25
690		-	1978, the member shall not be entitled to a refund of that
691		-	portion of the purchase cost derived from the employer
692		-	contribution rate; or
	727	+	purchase, a sum equal to the member's average annual actual
	728	+	salary for the five years preceding the date of the
	729	+	contribution multiplied by the sum of the member contribution
	730	+	rate and the employer contribution rate in effect at the time
	731	+	of the member's written election to purchase, subject to the
	732	+	federal Uniformed Services Employment and Reemployment Rights
	733	+	Act of 1994;
	734	+	(c) full payment shall be made [in a
	735	+	single lump sum] within [sixty] ninety days of the date that
	736	+	the member is informed of the amount of the payment; and
	737	+	(d) the portion of the purchase cost
	738	+	derived from the employer's contribution rate shall be credited
	739	+	to the fund and, in the event that a member requests a refund
	740	+	of contributions pursuant to Section 22-11-15 NMSA 1978, the
	741	+	member shall not be entitled to a refund of that portion of the
	742	+	purchase cost derived from the employer contribution rate; or
693	743		(4) employed:
694	744		(a) in a public school or public
695	745		institution of higher learning in another state, territory or
696	746		possession of the United States;
697	747		(b) in a United States military
698		-	dependents' school operated by a branch of the armed forces
699		-	of the United States;
700		-	(c) as provided in Paragraph (1) of
701		-	this subsection after July 1, 1967; or
702		-	(d) in a private school or institution
703		-	of higher learning in New Mexico whose education program is
704		-	accredited or approved by the department at the time of
705		-	employment.
706		-	B. Effective July 1, 2001, the member or employer
707		-	under Paragraph (4) of Subsection A of this section shall
708		-	contribute to the fund for each year of allowed service
709		-	credit desired an amount equal to the actuarial value of the
710		-	service purchased as defined by the board. No allowed
711		-	service credit shall be purchased pursuant to Paragraph (4)
712		-	of Subsection A of this section unless the member is
713		-	currently employed by a local administrative unit.
714		-	C. No member shall be certified to have acquired SB 75
715		-	Page 15
	748	+	dependents' school operated by a branch of the armed forces of
	749	+	the United States;
	750	+	(c) as provided in Paragraph (1) of this
	751	+	subsection after July 1, 1967; or
	752	+	.228647.2SA
	753	+	- 14 - underscored material = new
	754	+	[bracketed material] = delete
716	755		1
717	756		2
718	757		3
719	758		4
720	759		5
721	760		6
722	761		7
723	762		8
724	763		9
725	764		10
726	765		11
727	766		12
728	767		13
729	768		14
730	769		15
731	770		16
732	771		17
733	772		18
734	773		19
735	774		20
736	775		21
737	776		22
738	777		23
739	778		24
740	779		25
	780	+	(d) in a private school or institution
	781	+	of higher learning in New Mexico whose education program is
	782	+	accredited or approved by the department at the time of
	783	+	employment.
	784	+	B. Effective July 1, 2001, the member or employer
	785	+	under Paragraph (4) of Subsection A of this section shall
	786	+	contribute to the fund for each year of allowed service credit
	787	+	desired an amount equal to the actuarial value of the service
	788	+	purchased as defined by the board. No allowed service credit
	789	+	shall be purchased pursuant to Paragraph (4) of Subsection A of
	790	+	this section unless the member is currently employed by a local
	791	+	administrative unit.
	792	+	C. No member shall be certified to have acquired
741	793		allowed service credit:
742	794		(1) under any single paragraph or the
743	795		combination of only Paragraphs (1) and (4) or only Paragraphs
744	796		(2) and (3) of Subsection A of this section in excess of five
745	797		years; or
746	798		(2) in excess of ten years for any other
747	799		combination of Paragraphs (1) through (4) of Subsection A of
748	800		this section.
749	801		D. A member receiving service credit under
750	802		Paragraph (3) or (4) of Subsection A of this section who
751	803		enrolls in the retiree health care authority shall make
752		-	contributions pursuant to Subsection C of Section 10-7C-15
753		-	NMSA 1978."
754		-	SECTION 5. Section 22-11-55 NMSA 1978 (being Laws 2009,
755		-	Chapter 240, Section 1 and Laws 2009, Chapter 248, Section 1,
756		-	as amended) is amended to read:
757		-	"22-11-55. DISCLOSURE OF MEMBER OR RETIRED MEMBER
758		-	INFORMATION--PENALTY.--
759		-	A. Other than names of members and local
760		-	administrative units by which a member was employed; dates of
761		-	employment, retirement and reported death; service credit;
762		-	reported salary; retirement and disability benefits; and
763		-	amounts of contributions made by members and local
764		-	administrative units, neither the board nor its employees or
765		-	contractors shall allow public inspection or disclosure of SB 75
766		-	Page 16
	804	+	contributions pursuant to Subsection C of Section 10-7C-15 NMSA
	805	+	.228647.2SA
	806	+	- 15 - underscored material = new
	807	+	[bracketed material] = delete
767	808		1
768	809		2
769	810		3
770	811		4
771	812		5
772	813		6
773	814		7
774	815		8
775	816		9
776	817		10
777	818		11
778	819		12
779	820		13
780	821		14
781	822		15
782	823		16
783	824		17
784	825		18
785	826		19
786	827		20
787	828		21
788	829		22
789	830		23
790	831		24
791	832		25
792		-	any information regarding a member or retired member to
793		-	anyone except:
	833	+	1978."
	834	+	SECTION 6. Section 22-11-55 NMSA 1978 (being Laws 2009,
	835	+	Chapter 240, Section 1 and Laws 2009, Chapter 248, Section 1,
	836	+	as amended) is amended to read:
	837	+	"22-11-55. DISCLOSURE OF MEMBER OR RETIRED MEMBER
	838	+	INFORMATION--PENALTY.--
	839	+	A. Other than names of members and local
	840	+	administrative units by which a member was employed; dates of
	841	+	employment, retirement and reported death; service credit;
	842	+	reported salary; retirement and disability benefits; and
	843	+	amounts of contributions made by members and local
	844	+	administrative units, neither the board nor its employees or
	845	+	contractors shall allow public inspection or disclosure of any
	846	+	information regarding a member or retired member to anyone
	847	+	except:
794	848		(1) the member, retired member or the spouse
795	849		or authorized representative of the member or retired member;
796		-	(2) other persons specifically identified in
797		-	a prior release and consent, in the form prescribed by the
798		-	~~board,~~ executed by the member, retired member, spouse or
799		-	~~authorized~~ representative;
	850	+	(2) other persons specifically identified in a
	851	+	prior release and consent, in the form prescribed by the board,
	852	+	executed by the member, retired member, spouse or authorized
	853	+	representative; [or]
800	854		(3) the attorney general, appropriate law
801		-	enforcement agencies, the state auditor or the public
802		-	education department or higher education department, if the
803		-	information provided relates to contributions, payments or
804		-	management of money received by, or the financial controls or
805		-	procedures of, a local administrative unit; or
806		-	(4) the public employees retirement board
807		-	for the purpose of administering the Public Employees
808		-	Retirement Reciprocity Act.
809		-	B. No person receiving information disclosed by a
810		-	violation of Subsection A of this section shall disclose that
811		-	information to any other person unless authorized by an
812		-	applicable confidentiality agreement, board rule or state
813		-	law.
814		-	C. Whoever knowingly violates a provision of
815		-	Subsection A or B of this section is guilty of a petty
816		-	misdemeanor and shall be sentenced in accordance with Section SB 75
817		-	Page 17
	855	+	enforcement agencies, the state auditor or the public education
	856	+	department or higher education department, if the information
	857	+	provided relates to contributions, payments or management of
	858	+	.228647.2SA
	859	+	- 16 - underscored material = new
	860	+	[bracketed material] = delete
818	861		1
819	862		2
820	863		3
821	864		4
822	865		5
823	866		6
824	867		7
825	868		8
826	869		9
827	870		10
828	871		11
829	872		12
830	873		13
831	874		14
832	875		15
833	876		16
834	877		17
835	878		18
836	879		19
837	880		20
838	881		21
839	882		22
840	883		23
841	884		24
842	885		25
843		-	31-19-1 NMSA 1978.
844		-	SECTION 6. REPEAL.--Section 22-11-5.1 NMSA 1978 (being
845		-	Laws 1999, Chapter 153, Section 2, as amended) is repealed.
846		-
	886	+	money received by, or the financial controls or procedures of,
	887	+	a local administrative unit; or
	888	+	(4) the public employees retirement board for
	889	+	the purpose of administering the Public Employees Retirement
	890	+	Reciprocity Act.
	891	+	B. No person receiving information disclosed by a
	892	+	violation of Subsection A of this section shall disclose that
	893	+	information to any other person unless authorized by an
	894	+	applicable confidentiality agreement, board rule or state law.
	895	+	C. Whoever knowingly violates a provision of
	896	+	Subsection A or B of this section is guilty of a petty
	897	+	misdemeanor and shall be sentenced in accordance with Section
	898	+	31-19-1 NMSA 1978."
	899	+	- 17 -
	900	+	.228647.2SA