HOUSE BILL 41

50th legislature - STATE OF NEW MEXICO - second session, 2012

INTRODUCED BY

Dennis J. Kintigh

AN ACT

RELATING TO PENSIONS; AMENDING THE PUBLIC EMPLOYEES RETIREMENT ACT TO IMPOSE A MINIMUM AGE OF SIXTY-TWO YEARS OF AGE FOR LEGISLATORS TO RECEIVE PENSION BENEFITS UNDER THE LEGISLATIVE PENSION COVERAGE PLANS.

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

          A. age sixty-five years or older and five or more years of credited service;

          B. age sixty-four years or older and eight or more years of credited service;

          C. age sixty-three years or older and eleven or more years of credited service; or

          D. age [sixty] sixty-two years or older and twelve or more years of credited service [or

          E. any age and fourteen or more years of credited service]."

     SECTION 2. Section 10-11-43.2 NMSA 1978 (being Laws 2003, Chapter 85, Section 8) is amended to read:

     "10-11-43.2. STATE LEGISLATOR MEMBER COVERAGE PLAN 2--AGE AND SERVICE REQUIREMENTS FOR NORMAL RETIREMENT.--Under state legislator member coverage plan 2, the age and service requirements for normal retirement are:

          A. age sixty-five years or older and five or more years of credited service; or

          B. [any] age sixty-two years or older and ten or more years of credited service."

     SECTION 3. TEMPORARY PROVISION--RETROACTIVE APPLICABILITY.--Effective July 1, 2012, pension payments to a member under legislator member coverage plan 1 or legislator member coverage plan 2 who does not meet the age and service requirement for normal retirement under Section 1 or 2 of this act shall be suspended and shall be reinstated upon the member meeting the age and service requirement for normal retirement under the applicable plan.

     SECTION 4. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2012.

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