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 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 upcoming 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 cease distributions if those ratios reached one hundred percent. The previous requirements for annual evaluations and notifications regarding the funded status of these retirement funds have also been removed, streamlining the distribution process to focus exclusively on the Legislative Retirement Fund.

Statutes affected:
introduced version: 7-1-6.43