Recent Legislation / Legislative Proposals
House Bill 304
Title: Public Employee Retirement Needs Trusts
An act relating to public pensions; Allowing a supplemental needs trust to be named as a survivor or refund beneficiary pursuant to the public employees retirement act, the judicial retirement act, the magistrate retirement act and the educational retirement act; Clarifying certain dates of payment in the event of the death or termination of a survivor beneficiary.
House Bill 304 Summary
House Bill 304 (HB 304) allows a supplemental needs trust to be named as a survivor or refund beneficiary pursuant to the Public Employees Retirement Act, the Judicial Retirement Act, the Magistrate Retirement Act, and the Educational Retirement Act (ERA). If enacted, the bill would be effective June 16, 2023, the effective date of legislation not a general appropriation bill or a bill carrying an emergency clause or other specified date.
Result: Signed by Governor – Chapter 156 – April 5, 2023.
Senate Bill 20, as amended*
Title: Educational Retirement Board Changes
An Act relating to educational retirement; allowing eligible employees of Southeast New Mexico College to participate in the Alternative Retirement Plan; conforming the required minimum distribution age to the Federal Internal Revenue Code of 1986.
*House Bill 189 is the companion bill to Senate Bill 20.
Result: Signed by Governor – Chapter 87 – April 4, 2023.
Senate Bill 492
Title: Educational Retirees Returning to Work
An act relating to pensions; Amending the educational retirement act to allow retired members to return to employment for a period of sixty months.
Senate Bill 492 Summary
Senate Bill 492 (SB 492) increases the number of months that an educational retiree may return to employment with a local administrative unit and continue to receive their retirement benefit. SB 492 amends section 22-11-25.1(I) of the Educational Retirement Act (ERA) to allow a retiree to return to employment for 60 consecutive or nonconsecutive months (current law is 36 consecutive or nonconsecutive months). The bill does not change other provisions of law that currently apply to this program. The retiree must lay out for at least 90 days after retirement. Retirees who return to work under this program, and their employers, must pay nonrefundable contributions to the educational retirement fund (§ 22-11-25.1(E)). To participate in the program, the retiree must submit a return to work application to ERB and receive ERB approval before beginning employment (§ 22-11-25.1(D)). The January 1, 2024 sunset described in § 22-11-25.1(A) does not apply to this program. SB 492 does not contain an emergency clause or other specified date, therefore it would be effective on June 16, 2023, the effective date of legislation not a general appropriation bill or a bill carrying an emergency clause or other specified date.
Result: This bill passed in the Senate and received a Do Pass recommendation from the House Education Committee. It was referred to the House Labor, Veterans’ and Military Affairs Committee but was not scheduled for committee hearing. The bill died.
Detailed action information regarding the legislation listed above is available on the ERB Legislative Updates page.
Managing the retirement assets of New Mexico Educators since 1957.
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Santa Fe, NM 87502
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Albuquerque, NM 87112