Signed by Governor Michelle Lujan Grisham

Vote Smart's Synopsis:

Vote increases required contributions to the Educational Retirement Fund.

Highlights:

• Increases the required contributions to the Educational Retirement Plan to (Sec. 1):

• 10.7% of the annual salary for individuals paid $24,000 or more per year;

• 7.9% of the annual salary for individuals paid less than $24,000 per year; and

• 15.15% of the annual salary for education employers, increasing by 2% in the 2022 tax year and an additional 1% in the 2023 tax year.

Full Bill Text