Section 10-11-55.12 - Municipal general member coverage plan 4; affiliated public employer contribution rate.

NM Stat § 10-11-55.12 (2019) (N/A)
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An affiliated public employer shall contribute twelve and three-tenths percent of the salary of each member it employs and who is covered under municipal general member coverage plan 4.

History: Laws 1998, ch. 106, § 6; 2013, ch. 225, § 46; 2019, ch. 237, § 6.

The 2019 amendment, effective July 1, 2019, increased employer contribution rates to the funds included under the Public Employees Retirement Act; after "shall contribute twelve and", deleted "five hundredths" and added "three-tenths", and after "member coverage plan 4", deleted "except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be eleven and sixty-five hundredths percent of the salary of each member".

The 2013 amendment, effective July 1, 2013, increased the employer contribution rate; after "contribute", deleted "eleven and sixty-five hundredths" and added "twelve and five-hundredths"; and after "coverage plan 4", added the remainder of the sentence.

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.