Summary:

 Senate Bill 75 (SB 75) makes changes to the Educational Retirement Act to clarify restrictions on receipt of gifts; provide for unclaimed member contributions to be deposited into the Education Retirement Fund; and clarify certain terms. SB 75 will allow a member on disability status who is over 60 with an annuity adjustment to continue receiving the annuity adjustment. SB 75 requires payment of allowed service within 90 days. SB 75 allows for disclosure of member information to the Public Employees Retirement Board.
 

Legislation Overview:

 Senate Bill 75 (SB 75) makes changes to the public schools Educational Retirement Act (Act) as follows:
SECTION 1 amends Section 22-11-5.1 NMSA 1978 (being Laws 1999, Chapter 153, Section 2, as amended) regarding restrictions on receipt of gifts for a board member or board employee to remove the $50 limitation on a gift of food or beverage consumed in a place of public accommodation. It inserts language to allow a single gift of value not exceeding $50 and specifies that the value of gifts shall not exceed $150 in a year.
SECTION 2 amends Section 22-11-11 NMSA 1978 (being Laws 1967, Chapter 16, Section 135, as amended) of the suspense fund of the Educational Retirement Fund to insert unclaimed member contributions shall be deposited in the educational retirement fund.
SECTION 3 amends Section 22-11-24 NMSA 1978 (being Laws 1967, Chapter 16, Section 147) in Subsection A to specify that the minimum contributory employment for retirement benefits shall be not less than five years of contributory employment to be eligible for retirement benefits pursuant to the Act.
Subsection E is inserted to provide the definition of five years of contributory employment, as follows:
E. As used only in this section, "five years of contributory employment" means the member and employer have made contributions through the last business day of the sixtieth month of contributory employment, or if the member is under contract, the member and employer have made contributions for five years through the last business day that the member can provide services under the contract.
SECTION 4 amends Section 22-11-31 NMSA 1978 (being Laws 1979, Chapter 333, Section 2, as amended) Subsection G of the cost-of-living adjustment for a member on disability to remove the direction to “except”  and insert instructions to “provide” preceding the insertion of paragraph (2) as follows:  
(2) upon attaining the age of 60 years, a member on a disability status who is receiving an annuity adjustment pursuant to this section shall continue to receive the annuity adjustment at the rate of benefits received for the disability. 
SECTION 5 amends Section 22-11-34 NMSA 1978 (being Laws 1967, Chapter 16, Section 157, as amended) addressing allowed service credit in Subsection A(3)(c) to change the provision that full payments shall in made in a single lump sum within 60 days to read:
(c) full payment shall be made within 90 days of the date that the member is informed of the amount of the payment.
SECTION 6 amends Section 22-11-55 NMSA 1978 (being Laws 2009, Chapter 240, Section 1 and Laws 2009, Chapter 248, Section 1, as amended) in Subsection A regarding the disclosure of member or retired member information to insert Paragraph (4) to allow disclosure to the Public Employees Retirement Board for the purpose of administering the Public Employees Retirement Reciprocity Act.
 

Amendments:

 Senate Bill 75 (SB 75) is amended and given a Do Pass by the Education Committee. The amendment strikes the Restrictions on Receipt of Gifts from the Headline; deletes Section 1 title Restrictions on Receipt of Gifts; and inserts Section 6 to to repeal Section 22-11-5.1 NMSA 1978 (being Laws 1999, Chapter 153, Section 2, as amended). 
Specifically, SB 75 is amended to:
-strike Clarifying Restrictions on Receipt of Gifts from the title and insert into the title: REPEALING SECTION 22-11-5.1 NMSA 1978 (BEING LAWS 1999, CHAPTER 153, SECTION 2, AS AMENDED)
-strike Section 1 and renumber the sections
- insert Section 6 to repeal