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Section 10-11-55.11 - Municipal general member coverage plan 4; member contribution rate.

NM Stat § 10-11-55.11 (2019) (N/A)
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A member under municipal general member coverage plan 4 shall contribute fifteen and sixty-five hundredths percent of salary starting with the first full pay period in the calendar month in which municipal general member coverage plan 4 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute seventeen and fifteen-hundredths percent of salary.

History: Laws 1998, ch. 106, § 5; 2013, ch. 225, § 45.

The 2013 amendment, effective July 1, 2013, increased the employee contribution rate for employees earning more than twenty thousand dollars in salary annually; deleted the entire section, which provided for employee contributions at a rate of fifteen and sixty-five hundredths percent of salary; and added the current language.

Severability. — Laws 2013, ch. 225, § 93 provided that if any part or application of Laws 2013, ch. 225 is held invalid, the remainder or its application to other situations or persons shall not be affected.

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Section 10-11-55.9 - Municipal general member coverage plan 4; amount of pension; form of payment A.
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Section 10-11-55.12 - Municipal general member coverage plan 4; affiliated public employer contribution rate.