The bill amends Section 22-11-25.1 of the New Mexico Educational Retirement Act to increase the salary a retired member can earn without suspending their retirement benefits when returning to work, as well as extending the time allowed for such employment. Specifically, it allows retired members who have not rendered service to a local administrative unit for at least twelve consecutive months after retirement to return to work without suspending their benefits. Additionally, it specifies that retired members who retired on or before January 1, 2001, and have not previously suspended their benefits, are not required to do so upon returning to employment with a local administrative unit.

The bill also clarifies the conditions under which retired members can return to work without suspending their benefits, including a requirement that they have not rendered service for at least ninety days after retirement and that they do not have any prior agreements to return to work. Furthermore, it stipulates that retired members can work for a maximum of sixty consecutive or nonconsecutive months without affecting their retirement benefits. The bill emphasizes that while retired members can receive their retirement benefits during this employment, they will not be able to acquire or purchase additional service credit for the time worked.

Statutes affected:
introduced version: 22-11-25.1
Final Version: 22-11-25.1