Section 10-11-73 - Municipal police member coverage plan 3; affiliated public employer contribution rate.

NM Stat § 10-11-73 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

The affiliated public employer shall contribute nineteen and fifteen-hundredths percent of the salary of each member it employs and who is covered under municipal police member coverage plan 3.

History: Laws 1987, ch. 253, § 73; 2013, ch. 225, § 58; 2019, ch. 237, § 9.

The 2019 amendment, effective July 1, 2019, increased employer contribution rates to the funds included under the Public Employees Retirement Act; after "shall contribute", deleted "eighteen and nine-tenths" and added "nineteen and fifteen-hundredths", and after "member coverage plan 3", deleted "except that, from July 1, 2013 through June 30, 2014, the affiliated public employer contribution rate shall be eighteen and one-half percent of the salary of each member".

The 2013 amendment, effective July 1, 2013, increased the employer contribution rate; after "contribute eighteen and", deleted "one-half" and added "nine-tenths"; and after "coverage plan 3", 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.