Under state legislator member coverage plan 2, the annual amount of pension under form of payment A is equal in any calendar year to eleven 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 sixty 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.
History: Laws 2003, ch. 85, § 9; 2012, ch. 61, § 1; 2019, ch. 251, § 1.
ANNOTATIONSThe 2019 amendment, effective July 1, 2019, changed "calendar year" to "fiscal year"; after "the first day of the", deleted "calendar" and added "fiscal".
Temporary provisions. — Laws 2019, ch. 251, § 4, effective July 1, 2019, provided that a state legislator member who is otherwise ineligible for the pension amount in Section 10-11-43.3 NMSA 1978 solely because of the failure to make a timely election pursuant to Section 10-11-43.1 NMSA 1978 shall be eligible for that pension amount if, before January 1, 2020, the member makes a contribution of:
A. five hundred dollars ($500) for each year of credited service prior to 2012;
B. six hundred dollars ($600) for each year of credited service after 2012;
C. one thousand dollars ($1,000) for each year of credited service after 2018; and
D. interest on the amount paid pursuant to Subsections A through C of this section from December 31, 2004 to the date of payment at a rate to be determined by the retirement board created pursuant to the Public Employees Retirement Act.
The 2012 amendment, effective March 7, 2012, changed the date on which the pension is calculated and in the first sentence after "Section 2-1-8 NMSA 1978, on", deleted "December 31" and added "the first day".