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§ 10-11-38.5 NMSA 1978

Juvenile correctional officer member coverage plan 2; member contribution rate

Known as the Public Employees Retirement Act

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

Laws 1994, ch. 128, § 13; 2009, ch. 127, § 5; 2011, ch. 178, § 5; 2013, ch. 225, § 28; 2020, ch. 11, § 14.

A member under juvenile correctional officer member coverage plan 2 shall contribute four and seventy-eight hundredths percent of salary starting with the first full pay period that ends within the calendar month in which juvenile correctional officer member coverage plan 2 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, 2020 and continuing through June 30, 2021, six and seventy-eight hundredths percent of salary;

B. beginning July 1, 2021 and continuing through June 30, 2022, seven and twenty-eight hundredths percent of salary;

C. beginning July 1, 2022 and continuing through June 30, 2023, seven and seventy-eight hundredths percent of salary; and

D. beginning July 1, 2023 and thereafter, eight and twenty-eight hundredths 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.