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 and employer contributions to the retirement fund, including a gradual increase in member contributions from 10.5% to 14.74% by July 1, 2025, and mandates that the employer contribute 19.24% of salary for each member starting on the same date. It also specifies that certain fees from civil cases in magistrate court will contribute to the employer's accumulation fund. The provisions of the bill will take effect on July 1, 2025, and any credited service or pension amounts earned prior to this date will not be adjusted under the new regulations.

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