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 acts as the trustee. 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. Starting July 1, 2025, member contributions will increase to 14.74% of salary, while employer contributions will be set at 19.24%. The bill also specifies that certain fees from civil cases in magistrate court will contribute to the employer's accumulation fund. Importantly, the provisions regarding pension calculations will only apply to credited service performed after the effective date of the act, ensuring that prior service and pension amounts are not retroactively adjusted. The effective date for these changes is set for July 1, 2025.

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