N.M. Stat. § 10-11-43.3

Current through 2024, ch. 69

Section 10-11-43.3 - State legislator member coverage plan 2-amount of pension-form of payment a

Under state legislator member coverage plan 2, the annual amount of pension under form of payment A is equal in any calendar year to fourteen percent of the per diem rate in effect, pursuant to Section 2-1-8 NMSA 1978, on the first day of the fiscal year that the legislator or lieutenant governor retires multiplied by ninety and further multiplied by credited service as a legislator or lieutenant governor. A pension paid under state legislator member coverage plan 2 shall be adjusted pursuant to Section 10-11-118 NMSA 1978 for a legislator or lieutenant governor who has been retired for at least two full calendar years from the effective date of the latest retirement prior to July 1 of the year in which the pension is being adjusted.

NMS § 10-11-43.3

Laws 2003, ch. 85, § 9; 2012, ch. 61, § 1.

Amended by 2024, c. 29,s. 1, eff. 5/15/2024, app. to credited service accrued on and after the effective date of this act; and prior to the effective date of this act, provided that the credited service was accrued by a state legislator member who has not previously retired.

Amended by 2022, c. 16,s. 1, eff. 5/18/2022.

Amended by 2019, c. 251,s. 1, eff. 7/1/2019.

Amended by 2012, c. 61,s. 1, eff. 3/7/2012.