22-11-49. Alternative retirement plan; contributions.
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/nm/chapter-22-public-schools/article-11-educational-retirement/22-11-49·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A participant shall contribute an amount equal to the percentage of the participant's salary that the participant would be required to contribute if the participant were, instead, a regular member. The contribution shall be made as provided by the board.
B. A qualifying state educational institution shall contribute on behalf of each participant an amount of the participant's salary equal to the contribution that would be required of the employer if the participant were, instead, a regular member. Of that contribution, a sum equal to the following percentage of the annual salary of each participant shall be paid to the fund, and the remainder of the contribution shall be paid to the alternative retirement plan as provided by the board:
(1)from July 1, 2021 through June 30, 2022, four and one-fourth percent;
(2)from July 1, 2022 through June 30, 2023, six and one-fourth percent; and
(3)on and after July 1, 2023, seven and one-fourth percent; or
(4)if, on July 1 following any report by the actuary to the board that concludes that less than that percentage is required to satisfy the unfunded actuarial liability attributable to the participation of the participants in the alternative retirement plan, then the percentage the actuary determines is the minimum required to satisfy that liability.
C. Contributions required by this section may be made by a reduction in salary or by a public employer pick-up as provided in the Internal Revenue Code of 1986, as amended.
History: 1978 Comp., § 22-11-49, enacted by Laws 1991, ch. 118, § 7; 1999, ch. 261, § 3; 2019, ch. 258, § 6; 2021, ch. 44, § 3; 2022, ch. 29, § 2.