The bill amends Section 22-11-25.1 of the New Mexico Educational Retirement Act to increase the salary limit a retired member can earn without suspending their retirement benefits when returning to work. Specifically, it raises the salary cap from fifteen thousand dollars ($15,000) to twenty-five thousand dollars ($25,000) per year. This change allows retired members to earn a higher income while still receiving their retirement benefits, provided they meet certain conditions, such as not having rendered service to a local administrative unit for at least ninety days after retirement.

Additionally, the bill maintains provisions that require retired members to suspend their retirement benefits if they begin employment with a local administrative unit at a level greater than one-quarter full-time employee unless they have not worked for such an entity for at least twelve consecutive months after retirement. It also outlines the requirements for returning to work, including the need for board approval and compliance with application rules, as well as the obligation for both the retired member and the employing local administrative unit to make contributions to the retirement fund during the period of employment.

Statutes affected:
introduced version: 22-11-25.1