OIL & GAS FUNDS TO JUDICIAL RETIREMENT

SB 138 redirects annual payments from New Mexico's oil and gas tax fund to three retirement systems: $100,000 each year to the magistrate and judicial retirement funds, and $75,000 to the legislative retirement fund. Payments to the magistrate and judicial funds would stop if their funding levels reach 100% or higher, as determined by the Public Employees Retirement Association. The legislative fund amount adjusts annually based on actual retirement benefit needs, ensuring it covers the required payout for state legislators. This bill directly affects judges, magistrates, and state legislators who rely on these retirement systems.