|
NM Legislature Update: Senate Majority Leader Sponsors Our Legislation, Senate Bill 529
|
|
|
|
Senator Michael Sanchez has sponsored our bill to increase our employee contributions to help correct our 68% funded ratio in Municipal Fire Plans, SB 529 Fire Fighter Retirement Contributions. Our membership is approximately 900 out if the 2,100 of Fire Fighters in Municipal Plan 5 along with 35 Fire Departments throughout New Mexico (90% of FFs). Municipal Fire Plans 1-4 make up the other 17 departments. In order to proactively address the solvency issues we are proposing to increase our employee contribution and commit the time and resources necessary to generate a morbidity/mortality study of New Mexico fire and rescue personnel to effectively apply changes to our pension plan if necessary. We understand the problem and want to respond accordingly to maintain our 20-year retirement by increasing our contribution by 1% each year for 4 years. SB 268 Public Employee Retirement Plan Changes, sponsored by Senator Steven Neville, is proposing to prospectively increase our service credit requirements to 50 years of age and 25 years of service creating a new tier, moving us from Municipal Fire Plan 5 to Municipal Public Safety Plan 6 which combines Fire, Police and Corrections. Our bill, SB 529, will justify our ongoing efforts to amend us out of SB 268. We must protect the pension that our former leaders established for us and never forget the sacrifices they made so we can retire with dignity and now it’s time for us to pay it forward. It is strongly encouraged for members to contact their respective Senators and Representatives and urge their support. Below you will find mailing lists for House and Senate.
Download:
|
|
|
