RESOLUTION 2004-10

A RESOLUTION APPROVING AFFILIATIONS WITH THE PUBLIC EMPLOYEES RETIREMENT ASSOCIATION AND PARTICIPATION IN MUNICIPAL POLICE MEMBER COVERAGE PLAN 1

WHEREAS, the Public Employees Retirement Act, NMSA 1978, Sections 10-11-1, et seq. (2003), establishes the Public Employees Retirement Association and provides for retirement benefits for employees of affiliated public employers; and,

WHEREAS, the Village of Capitan is not presently an affiliated public employer; and

WHEREAS, the Board of Trustees of the Village of Capitan has determined that the interests of the Village of Capitan and its employees will best be served by affiliation with the Public Employees Retirement Association for purposes of providing the Municipal Police Member employees with the benefits of a retirement program; and

WHEREAS, the Board of Trustees of the Village of Capitan understands that affiliation with the Public Employees Retirement Association is irrevocable; and

WHEREAS, the Public Employees Retirement Act authorizes Municipal Police Member Coverage Plan 1 (NMSA 1978, Section 10-11-56 through Section 10-11-61, (2003) which provides a plan for retirement of 60 percent of final average salary at certain stated years of service (30 years) wherein the municipal employer contributes 10 percent of the member’s salary to the state retirement fund and the member employee contributes 7 percent of salary; and

WHEREAS, the Board of Trustees of the Village of Capitan has determined that the adoption of PERA Municipal Police Member Coverage Plan 1 is in the best interest of the Village of Capitan and of its member employees; and

WHEREAS, the Board of Trustees of the Village of Capitan has made and will make necessary budgetary provisions to comply with the Public Employees Retirement Act; and

NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE Village of Capitan:

That the Village of Capitan shall be an affiliated public employer as provided for in the Public Employees Retirement Act, as amended, or any successor act or acts, such affiliation to be effective the July 1, 2004; and,

That the Public Employees Retirement Association Municipal Police Coverage

Plan 1 is, and the same hereby is, irrevocably adopted as the retirement plan for Municipal Police of the Village of Capitan.

PASSED, SIGNED, APPROVED AND ADOPTED this 3rd day of May, 2004.

                                                                     ___________________________

                                                                     Steven M. Sederwall, Mayor

                                                                     Village of Capitan

ATTEST:

Anna Gail Grassie

Village Clerk/Treasurer

Village of Capitan