The bill amends various sections of the New Mexico Statutes Annotated (NMSA) related to public safety, municipal police, and municipal fire plans, specifically focusing on age and service credit requirements for normal retirement. Key changes include an increase in credited service by twenty percent for members of the state public safety member coverage plan 1, applicable to certain public safety roles, and adjustments to the age and service requirements for normal retirement under municipal police and fire member coverage plans. For members who were retired or active on June 30, 2013, the age and service requirements have been updated to allow for retirement at any age with twenty or more years of credited service, rather than the previous requirement of twenty-five years.

Additionally, the bill specifies that the new provisions will apply only to credited service performed after the effective date of the act, ensuring that any service or pension earned prior to this date will not be recalculated under the new rules. This legislative change aims to enhance retirement benefits for public safety employees and streamline the retirement process for municipal police and fire members.

Statutes affected:
introduced version: 10-11-27, 10-11-57, 10-11-63, 10-11-69, 10-11-75, 10-11-81, 10-11-87, 10-11-93, 10-11-99, 10-11-105, 10-11-111