The bill amends the Educational Retirement Act to improve the management and distribution of educational retirement funds. Key provisions include the requirement for unclaimed member contributions to be deposited into the educational retirement fund and the clarification of retirement benefits terminology. It allows members over sixty who are on disability status to continue receiving annuity adjustments and mandates that payments for allowed service be made within ninety days. Additionally, the bill permits the disclosure of member information to the Public Employees Retirement Board for administrative purposes and repeals a section of the law that is no longer necessary.

Moreover, the bill addresses the confidentiality of member information, stipulating that such information can only be disclosed to the member, their spouse, authorized representatives, and certain entities like law enforcement and the public employees retirement board for specific 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 to streamline the legal framework governing retirement system information. Overall, the bill aims to enhance the financial stability of the educational retirement system while protecting members' rights and benefits.

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