This bill amends Section 10-11-7 of the New Mexico Statutes to allow members of the public employee pension system 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 restriction that limited the purchase of service credit to periods of active duty and allows members to purchase up to five years of service credit, provided they have the minimum years of service required for normal retirement and have not received a dishonorable discharge. Additionally, the bill clarifies that service credit cannot be purchased for periods that would be used to obtain benefits from another retirement program.

The bill also includes provisions for members who were civilian prisoners of war, allowing them to purchase service credit for their period of internment, and outlines similar conditions for members employed by certain organizations or participating in cooperative work study programs. The purchase cost for service credit is determined based on the member's final average salary and contribution rates, and members can request refunds for any unnecessary portions of the purchase cost. Overall, the bill aims to enhance the benefits available to public employees who have served in the military or in specific employment situations, thereby recognizing their service and contributions.

Statutes affected:
introduced version: 10-11-7