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 can return to work without suspension.

The bill also outlines the conditions under which retired members can return to employment, including the requirement to submit an application for approval and make nonrefundable contributions to the retirement fund as if they were non-retired employees. Furthermore, it clarifies that retired members may return to work without suspending benefits if they have not rendered service for at least ninety days post-retirement and earn less than $25,000 per year, or if they return for a period not exceeding sixty months. Overall, these changes aim to provide greater flexibility for retired educators seeking to re-enter the workforce while maintaining their retirement benefits.

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