The bill amends the Magistrate Retirement Act to enhance the funding and benefits associated with the magistrate retirement system in New Mexico. It establishes that appropriations and income derived from investments will be credited to the Magistrate Retirement Fund, which is managed by a board that administers and invests the fund. The bill also adjusts the years of service credit required for certain magistrate judges, increasing the service credit multipliers for pensions. Specifically, it modifies the age and service credit requirements for normal retirement, allowing for more flexible retirement options based on years of service.

Additionally, the bill outlines changes to member contributions, increasing the percentage of salary that members must contribute to the member contribution fund over time. Starting July 1, 2025, the employer's contribution rate will also increase. The provisions of the bill will apply only to credited service performed after its effective date, ensuring that any service or pension earned prior to this date will not be recalculated under the new terms. The effective date for these changes is set for July 1, 2025.

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