SB 124 LAW ENFORCEMENT RETIREMENT SVC. CREDIT

Sen Craig Brandt

Actions: [1] SCC/SHPAC/SFC-SCC [2]germane-SHPAC- DP-SFC

Scheduled: Not Scheduled

 Senate Bill 124 (SB 124) This legislative act is related to public employees' retirement in the state of New Mexico. This act amends the Public Employees Retirement Act to allow certain members to purchase service credit for periods of employment in specific situations. 

 Senate Bill 124 (SB 124) Purchase of Service Credit for Military Service:
•	Members who entered a uniformed service of the United States can purchase service credit for periods of active duty.
•	Conditions include paying the purchase cost, having the minimum required service credit for normal retirement, and not exceeding five years of purchased service credit.
Purchase of Service Credit for Civilian Prisoners of War:
•	Members who were civilian prisoners of war captured while in service to the United States may purchase service credit for the period of internment.
•	Conditions include providing proof of employment and internment, having the minimum required service credit, and not exceeding five years of purchased service credit.
Purchase of Service Credit for Law Enforcement Officers from Another State or Federal Government:
•	Members who were certified or qualified law enforcement officers in another state or the federal government can purchase service credit for that period of employment.
•	Conditions include paying the purchase cost, having the minimum required service credit, and not exceeding five years of purchased service credit.
Other Provisions for Purchase of Service Credit:
•	Similar provisions exist for members employed by utility companies, libraries, museums, transit companies, nonprofit organizations, and those participating in cooperative work-study training programs.
Payment and Refund Policies:
•	The purchase cost is determined according to specific subsections and must be paid in a lump sum within sixty days.
•	There are provisions for refunds if the purchase cost is determined to have been unnecessary.
Magistrate Retirement System:
•	Members of the magistrate retirement system who were eligible to join the public employee's retirement system but elected not to become members may purchase service credit.
•	Members can purchase service credit in monthly increments, subject to certain conditions, and the aggregate amount cannot exceed one year.