§ 10-11-55.6 NMSA 1978

Municipal general member coverage plan 3; affiliated public employer contribution rate

Known as the Public Employees Retirement Act

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

1978 Comp., § 10-11-55.6, enacted by Laws 1993, ch. 58, § 6; 2013, ch. 225, § 42; 2019, ch. 237, § 5; 2020, ch. 11, § 24.

An affiliated public employer shall contribute the following percentages of the salary of each member it employs and who is covered under municipal general member coverage plan 3:

A. prior to July 1, 2022, nine and eight-tenths percent of salary;

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

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

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

E. beginning July 1, 2025 and thereafter, eleven 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.