The bill amends the New Mexico Public Employee Pensions law to provide an equal calculation of credited service for all state police members under the State Public Safety Member Coverage Plan 1. It introduces a twenty percent increase in actual credited service for state police members, adult correctional officers, adult probation and parole officers, juvenile probation and parole officers, and state fire members, with specific conditions based on their membership status as of June 30, 2013. The bill also clarifies that the credited service for adult probation and parole officers and juvenile probation and parole officers will be increased for service accrued after July 1, 2021, and for state fire members after July 1, 2024.

Additionally, the bill outlines the age and service requirements for normal retirement under the coverage plan, specifying different criteria for members who were retired or members on June 30, 2013, compared to those who were not. It establishes that for state police members not covered by another plan, the retirement requirements will include being at least sixty years old with five or more years of service credit or any age with twenty-five or more years of service credit. Importantly, the bill states that credited service performed or pension earned by state police members who joined after July 1, 2013, will not be adjusted under the new provisions.

Statutes affected:
introduced version: 10-11-27, 10-11-28