The bill amends the Magistrate Retirement Act to enhance the funding and benefits of the magistrate retirement system in New Mexico. It establishes that the "magistrate retirement fund" will consist of appropriations, docket fees, contributions from employers and members, and all income derived from investments. The bill also modifies the service credit requirements for retirement, allowing for adjustments in the multipliers used to calculate pensions. Specifically, it increases the service credit multipliers for pensions and clarifies the accounting funds associated with the retirement system.

Additionally, the bill outlines changes to member and employer contribution rates, specifying that members will contribute 10.5% of their salary until July 1, 2025, after which the rate will increase to 14.74%. The employer's contribution will also change, with a new rate of 19.24% set to take effect after July 1, 2025. The effective date for these provisions is July 1, 2025. Overall, the bill aims to strengthen the financial stability of the magistrate retirement fund and ensure adequate benefits for retired magistrates.

Statutes affected:
introduced version: 10-12C-3