The bill amends Section 7-1-6.43 of the New Mexico Statutes to remove the distribution of funds from the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act to the Magistrate Retirement Fund and the Judicial Retirement Fund. Instead, it establishes that these distributions will now be directed solely to the Legislative Retirement Fund. The amount allocated to the Legislative Retirement Fund is set at seventy-five thousand dollars ($75,000) or, if greater, an amount equal to one-twelfth of the necessary retirement benefits due under the state legislator member coverage plan for the following calendar year.

Additionally, the bill eliminates provisions that required the Public Employees Retirement Association to assess the funded ratios of the Magistrate and Judicial Retirement Funds and to notify the department regarding the need for further distributions based on those ratios. This change simplifies the distribution process by focusing exclusively on the Legislative Retirement Fund without the previous conditions tied to the other retirement funds.

Statutes affected:
introduced version: 7-1-6.43