45th legislature - STATE OF NEW MEXICO - first session, 2001

RELATING TO LEGISLATIVE RETIREMENT; AMENDING SECTION 10-11-41 NMSA 1978 (BEING LAWS 1987, CHAPTER 253, SECTION 41) TO INCREASE THE PENSION AMOUNT FOR LEGISLATORS AND LIEUTENANT GOVERNORS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 10-11-41 NMSA 1978 (being Laws 1987, Chapter 253, Section 41) is amended to read:

"10-11-41. STATE LEGISLATOR MEMBER COVERAGE PLAN 1--AMOUNT OF PENSION--FORM OF PAYMENT A.--

A. Under state legislator member coverage plan 1, the annual amount of pension under form of payment A is equal to one thousand dollars ($1,000) multiplied by credited service as a legislator or lieutenant governor, if the member served as legislator or lieutenant governor after December 31, 2000.

[A.] B. Under state legislator member coverage plan 1, the annual amount of pension under form of payment A is equal to two hundred fifty dollars ($250) multiplied by credited service as a legislator or lieutenant governor, if [the member served as] all service as a legislator or lieutenant governor is after December 31, 1959 and prior to January 1, 2001.

[B.] C. Under state legislator member coverage plan 1, the annual amount of pension under form of payment A is equal to forty dollars ($40.00) multiplied by credited service as a legislator or lieutenant governor, if all service as a legislator or lieutenant governor is prior to January 1, 1960."