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 for unclaimed member contributions to 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 the conditions for calculating and adjusting retirement benefits based on the funded ratio of the retirement fund and the consumer price index, while specifying eligibility criteria for cost-of-living adjustments and the process for purchasing allowed service credit.

Moreover, the bill enhances the confidentiality of member information by restricting disclosure to the member, their spouse, authorized representatives, and certain entities for administrative purposes. It establishes penalties for violations of these confidentiality provisions, classifying them as petty misdemeanors. The bill also includes a repeal of Section 22-11-5.1 NMSA 1978, indicating a legislative intent to streamline the legal framework surrounding the confidentiality of retirement system information.

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