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New Mexico Statutes Chapter 10. Public Officers and Employees § 10-11-72. Municipal police member coverage plan 3; member contribution rate

Current as of January 01, 2024 | Updated by FindLaw Staff

A member under municipal police member coverage plan 3 shall contribute seven percent of salary with the first full pay period in the calendar month in which municipal police member coverage plan 3 becomes applicable to the member, except that a member whose annual salary is greater than twenty-five thousand dollars ($25,000) shall contribute:

A. prior to July 1, 2022, eight and one-half percent of salary;

B. beginning July 1, 2022 and continuing through June 30, 2023, nine percent of salary;

C. beginning July 1, 2023 and continuing through June 30, 2024, nine and one-half percent of salary;

D. beginning July 1, 2024 and continuing through June 30, 2025, ten percent of salary; and

E. beginning July 1, 2025 and thereafter, ten and one-half percent of salary.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 10. Public Officers and Employees § 10-11-72. Municipal police member coverage plan 3; member contribution rate - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-10-public-officers-and-employees/nm-st-sect-10-11-72/

Read this complete New Mexico Statutes Chapter 10. Public Officers and Employees § 10-11-72. Municipal police member coverage plan 3; member contribution rate on Westlaw

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