New Mexico Statutes 22-11-21. Contributions; members; local administrative units
A. Except as provided in Subsection D of this section, for a member whose annual salary is greater than twenty-four thousand dollars ($24,000), the member shall make contributions to the fund at the rate of ten and seven-tenths percent of the member’s annual salary.
Terms Used In New Mexico Statutes 22-11-21
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
B. For a member whose annual salary is twenty-four thousand dollars ($24,000) or less, the member shall make contributions to the fund at the rate of seven and nine- tenths percent of the member’s annual salary.
C. Except as provided in Subsection D of this section, each local administrative unit shall make an annual contribution to the fund according to the following schedule:
(1) from July 1, 2021 through June 30, 2022, at the rate of fifteen and fifteen- hundredths percent of the annual salary of each member employed by the local administrative unit;
(2) from July 1, 2022 through June 30, 2023, at the rate of seventeen and fifteen-hundredths percent of the annual salary of each member employed by the local administrative unit; and
(3) on and after July 1, 2023, at the rate of eighteen and fifteen-hundredths percent of the annual salary of each member employed by the local administrative unit.
D. If, in a calendar year, the salary of a member, initially employed by a local administrative unit on or after July 1, 1996, equals the annual compensation limit set pursuant to Section 401(a)(17) of the Internal Revenue Code of 1986, as amended, then:
(1) for the remainder of that calendar year, no additional member contributions or local administrative unit contributions for that member shall be made pursuant to this section; provided that no member shall be denied service credit solely because contributions are not made by the member or on behalf of the member pursuant to this subsection; and
(2) the amount of the annual compensation limit shall be divided into four equal portions, and, for purposes of attributing contributory employment and crediting service credit, each portion shall be attributable to one of the four quarters of the calendar year.