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§ 10-11-108 NMSA 1978

Municipal fire member coverage plan 4; member contribution rate

Known as the Public Employees Retirement Act

The act spans §§ 10-11-1 to 10-11-99 (201 sections).

Laws 1987, ch. 253, § 108; 1998, ch. 114, § 7; 2013, ch. 225, § 81; 2020, ch. 11, § 53; 2021, ch. 38, § 5.

A member under municipal fire member coverage plan 4 shall contribute twelve and eight-tenths percent of salary with the first full pay period in the calendar month in which municipal fire member coverage plan 4 becomes applicable to the member, except that a member whose annual salary is greater than twenty-five thousand dollars ($25,000) shall contribute:

A. beginning July 1, 2021 and continuing through June 30, 2022, fifteen and eight-tenths percent of salary;

B. beginning July 1, 2022 and continuing through June 30, 2023, sixteen and three-tenths percent of salary;

C. beginning July 1, 2023 and continuing through June 30, 2024, sixteen and eight-tenths percent of salary;

D. beginning July 1, 2024 and continuing through June 30, 2025, seventeen and three-tenths percent of salary; and

E. beginning July 1, 2025 and thereafter, seventeen and eight-tenths percent of salary.

Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.