Under municipal police member coverage plan 3:
A. for a member with age and service requirements provided under Subsection A of Section 10-11-69 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 ninety percent of the final average salary; and
B. for a member with age and service requirements provided under Subsection B of Section 10-11-69 NMSA 1978, the amount of pension under form of payment A is equal to two percent of the final average salary multiplied by credited service. The amount shall not exceed ninety percent of the final average salary.
History: Laws 1987, ch. 253, § 70; 2013, ch. 225, § 56.
ANNOTATIONSThe 2013 amendment, effective July 1, 2013, decreased the maximum pension benefit; decreased the pension benefit for employees who become members after June 30, 2013; in Subsection A, in the first sentence, at the beginning of the sentence, added "for a member with age and service requirements provided under Subsection A of Section 10-11-69 NMSA 1978" and in the second sentence, after "shall not exceed", deleted "one hundred" and added "ninety"; and added Subsection B.
Severability. — Laws 2013, ch. 225, § 93 provided that if any part or application of Laws 2013, ch. 225 is held invalid, the remainder or its application to other situations or persons shall not be affected.