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Section 10-11-55.5 - Municipal general member coverage plan 3; member contribution rate.

NM Stat § 10-11-55.5 (2019) (N/A)
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A member under municipal general member coverage plan 3 shall contribute thirteen and fifteen-hundredths percent of salary starting with the first full pay period in the calendar month in which municipal general member coverage plan 3 becomes applicable to the member, except that a member whose annual salary is greater than twenty thousand dollars ($20,000) shall contribute fourteen and sixty-five hundredths percent of salary.

History: 1978 Comp., § 10-11-55.5, enacted by Laws 1993, ch. 58, § 5; 2013, ch. 225, § 41.

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 thirteen and fifteen one-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 10-11-55.3 - Municipal general member coverage plan 3; amount of pension; form of payment A.
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Section 10-11-55.6 - Municipal general member coverage plan 3; affiliated public employer contribution rate.