0001|                           SENATE BILL 330
    |
0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
    |
0003|                            INTRODUCED BY
    |
0004|                            CISCO McSORLEY
    |
0005|     
    |
0006|                                   
    |
0007|     
    |
0008|                                   
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO PUBLIC RETIREMENT; INCREASING THE LEGISLATIVE
    |
0012|     CONTRIBUTION RATE AND THE LEGISLATIVE PENSION AMOUNT; AMENDING
    |
0013|     SECTIONS OF THE PUBLIC EMPLOYEES RETIREMENT ACT.
    |
0014|     
    |
0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0016|          Section 1.  Section 10-11-41 NMSA 1978 (being Laws 1987,
    |
0017|     Chapter 253, Section 41) is amended to read:
    |
0018|          "10-11-41.  STATE LEGISLATOR MEMBER COVERAGE PLAN 1--
    |
0019|     AMOUNT OF PENSION--FORM OF PAYMENT A.--
    |
0020|               A.  Under state legislator member coverage plan 1,
    |
0021|     the annual amount of pension under form of payment A is equal
    |
0022|     to <s>[two hundred fifty dollars ($250)]</s> <u>five hundred dollars
</u>    |
<u></u>0023| <u>    ($500)</u> multiplied by credited service as a legislator or
    |
0024|     lieutenant governor, if the member served as legislator or
    |
0025|     lieutenant governor after December 31, 1959.
    |
<center>- 1 -</center>

0001|               B.  Under state legislator member coverage plan 1,
    |
0002|     the annual amount of pension under form of payment A is equal
    |
0003|     to <s>[forty dollars ($40.00)]</s> <u>eighty dollars ($80.00)</u>
    |
0004|     multiplied by credited service as a legislator or lieutenant
    |
0005|     governor, if all service as a legislator or lieutenant
    |
0006|     governor is prior to January 1, 1960."
    |
0007|          Section 2.  Section 10-11-42 NMSA 1978 (being Laws 1987,
    |
0008|     Chapter 253, Section 42) is amended to read:
    |
0009|          "10-11-42.  STATE LEGISLATOR MEMBER COVERAGE PLAN 1--
    |
0010|     MEMBER CONTRIBUTION RATE.--A member under state legislator
    |
0011|     member coverage plan 1 shall contribute <s>[one hundred dollars
</s>    |
<s></s>0012| <s>    ($100)]</s> <u>two hundred dollars ($200)</u> for each year of
    |
0013|     credited service earned after December 31, 1959."
    |
0014|                              
    |