HOUSE BILL 798

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

Roberto J. “Bobby” Gonzales

AN ACT

RELATING TO LEGISLATIVE RETIREMENT; PROVIDING THAT, FOR STATE LEGISLATOR MEMBER COVERAGE PLAN 1, A MEMBER MAY RECEIVE A YEAR OF CREDITED SERVICE FOR EACH REGULAR SESSION OF THE LEGISLATURE; PROVIDING A WINDOW TO MAKE MEMBER CONTRIBUTIONS.

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

     Section 1. Section 10-11-40 NMSA 1978 (being Laws 1987, Chapter 253, Section 40) is amended to read:

     "10-11-40. STATE LEGISLATOR MEMBER COVERAGE PLAN 1--AGE AND SERVICE REQUIREMENTS FOR NORMAL RETIREMENT.--

          A. Under state legislator member coverage plan 1, the age and service requirements for normal retirement are:

                [A.] (1) age sixty-five years or older and five or more years of credited service;

                [B.] (2) age sixty-four years or older and eight or more years of credited service;

                [C.] (3) age sixty-three years or older and eleven or more years of credited service;

                [D.] (4) age sixty years or older and twelve or more years of credited service; or

                [E.] (5) any age and fourteen or more years of credited service.

          B. For purposes of this section, for service during each regular session of the legislature or any portion thereof, a member shall receive a year of credited service."

     Section 2. TEMPORARY PROVISION.--Notwithstanding the provisions of Section 10-11-42 NMSA 1978, a member who qualifies to receive additional service credit because of the amendment to Section 10-11-40 NMSA 1978 in Section 1 of this 2006 act may be eligible for the pension amount in Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978 if, no later than June 30, 2006, the member contributes one hundred dollars ($100) for each year of credited service earned after December 31, 1959.

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