The bill amends Section 22-11-25.1 of the New Mexico Educational Retirement Act, specifically altering the conditions under which retired members can return to employment with local administrative units without suspending their retirement benefits. Notably, the bill extends the period during which retirees can return to work without benefit suspension from a maximum of thirty-six months to eighty-four months. Additionally, it clarifies that retirees who have not rendered service for at least ninety days after retirement may return to employment without suspending their benefits, provided they meet certain conditions regarding prior agreements and salary limits.

Furthermore, the bill maintains the requirement for retired members returning to employment to make nonrefundable contributions to the retirement fund, similar to non-retired employees, and specifies that local administrative units must also contribute accordingly. The changes aim to provide more flexibility for retirees while ensuring that contributions to the retirement and health care funds continue during their re-employment.

Statutes affected:
introduced version: 22-11-25.1