NMSA 1978, § 7-1-6.43 — 7-1-6.43

Distribution; oil and gas proceeds and pass-through entity
withholding tax; magistrate retirement fund; judicial retirement
fund; legislative retirement fund.

# A.

A distribution pursuant to Section 7-1-6.1 NMSA 1978 from the net receipts
attributable to the amount of tax deducted pursuant to the Oil and Gas Proceeds and
Pass-Through Entity Withholding Tax Act [Chapter 7, Article 3A NMSA 1978] shall be
made as follows:
(1) to the magistrate retirement fund in the amount of one hundred thousand
dollars ($100,000);
(2) to the judicial retirement fund in the amount of one hundred thousand
dollars ($100,000); and
(3) on and after July 1, 2025, to the legislative retirement fund in the amount
of seventy-five thousand dollars ($75,000) or, if larger, in an amount equal to one-
twelfth of the amount necessary to pay out the retirement benefits due under state
legislator member coverage plan 2 and Paragraph (2) of Subsection C of Section 10-11-
41 NMSA 1978 for the succeeding calendar year.

# B.

In regard to the distributions to the magistrate retirement fund and the judicial
retirement fund, in December 2024 and in each December thereafter, the public
employees retirement association, with the assistance of the administrative office of the
courts, shall determine the funded ratio of each fund as of the end of the preceding
fiscal year. If the funded ratio of the magistrate retirement fund for the preceding fiscal
year is equal to or greater than one hundred percent, the association shall notify the
department, and no further distributions pursuant to Paragraph (1) of Subsection A of
this section shall be made. If the funded ratio of the judicial retirement fund for the
preceding fiscal year is equal to or greater than one hundred percent, the association
shall notify the department, and no further distributions pursuant to Paragraph (2) of
Subsection A of this section shall be made.

# C.

In regard to the distribution to the legislative retirement fund, in December 2024
and in each December thereafter, the public employees retirement association, with the
assistance of the legislative council service, shall determine the amount of retirement
benefits for the succeeding calendar year. If the monthly average exceeds seventy-five
thousand dollars ($75,000), the association shall immediately notify the department of
the average amount.