The bill amends Section 22-11-25.1 of the New Mexico Educational Retirement Act to increase the salary a retired member may 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 suspended their benefits, can return to employment without suspension.

Furthermore, the bill outlines the conditions under which retired members can return to work, including the requirement to submit an application for approval and make nonrefundable contributions to the retirement fund as if they were non-retired employees. It also clarifies that retired members can 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. The bill is set to remain in effect until January 1, 2024, and includes provisions for contributions to the retiree health care fund during the period of employment.

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