N.M. Stat. § 10-11-52

Current through 2024, ch. 69

Section 10-11-52 - Municipal general member coverage plan 2; amount of pension; form of payment A

Under municipal general member coverage plan 2:

A. for a member with age and service requirements provided in Subsection A of Section 10-11-51 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by credited service. The amount shall not exceed one hundred percent of the final average salary; and

B. for a member with age and service requirements provided in Subsection B of Section 10-11-51 NMSA 1978, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by service credit. The amount shall not exceed one hundred percent of the final average salary.

NMS § 10-11-52

Laws 1987, ch. 253, § 52; 2013, ch. 225, § 36.

Amended by 2023, c. 53,s. 5, eff. 6/13/2023.

Amended by 2013, c. 225,s. 36, eff. 7/1/2013.