The bill amends Section 10-11-7 of the New Mexico Statutes to allow members of public employee pension systems who have entered a uniformed service of the United States to purchase service credit for their time in service, subject to specific conditions. Notably, the bill removes the previous stipulation that limited the purchase of service credit to periods of active duty and introduces a new requirement that members must not have received a discharge or separation under other than honorable conditions. Additionally, the bill clarifies that the aggregate amount of service credit purchased cannot exceed five years, and it maintains the requirement for members to pay the association the determined purchase cost.

Furthermore, the bill outlines various conditions under which members can purchase service credit for different types of employment, including those who were civilian prisoners of war or employed by certain organizations that have since been taken over by affiliated public employers. The provisions ensure that members must have the applicable minimum years of service credit for normal retirement and that the purchase cost is calculated based on the member's final average salary. Overall, the bill aims to enhance the benefits available to public employees by allowing them to account for their military service in their pension calculations.

Statutes affected:
introduced version: 10-11-7