The bill amends the Educational Retirement Act to improve the management and distribution of funds within the educational retirement system. Key provisions include the requirement that unclaimed member contributions be deposited into the educational retirement fund and the clarification of terms related to retirement benefits. It allows members on disability status who are over sixty to continue receiving annuity adjustments and mandates that payments for allowed service must be made within ninety days. Additionally, the bill outlines eligibility criteria for retirement benefits, emphasizing a minimum of five years of contributory employment, and details the process for purchasing allowed service credit.

Moreover, the bill addresses the confidentiality of member information, specifying that such information can only be disclosed to the member, their spouse, authorized representatives, and certain entities like the attorney general and law enforcement for administrative purposes. It establishes penalties for violations of these confidentiality provisions, classifying them as petty misdemeanors, and includes a repeal of Section 22-11-5.1 NMSA 1978, which significantly alters the legal framework governing the disclosure of retirement-related information. Overall, the bill aims to streamline the educational retirement system while enhancing clarity and support for its members.

Statutes affected:
introduced version: 22-11-5.1, 22-11-11, 22-11-24, 22-11-31, 22-11-34, 22-11-55
Final Version: 22-11-11, 22-11-24, 22-11-31, 22-11-34, 22-11-55, 22-11-5.1