0001|                           SENATE BILL 128
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                          MICHAEL S. SANCHEZ
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO MAGISTRATE RETIREMENT; INCREASING THE AMOUNT OF
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0012|     PENSION FOR MAGISTRATES; AMENDING A SECTION OF THE MAGISTRATE
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0013|     RETIREMENT ACT; MAKING AN APPROPRIATION.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  Section 10-12C-9 NMSA 1978 (being Laws 1992,
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0017|     Chapter 118, Section 9) is amended to read:
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0018|          "10-12C-9.  AMOUNT OF PENSION.--The amount of pension is
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0019|     equal to one-twelfth of:
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0020|                                                  ~[seventy-five]~ |eighty|               (number of
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0021|                                             years of
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0022|                                                  percent of salary                  service, not 
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0023|                                                       received during               X .05 X   exceeding fifteen
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0024|                                                  last year in office                years, ~[+]~ |plus|
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0025|                                     prior to retirement                ||five years)." 
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0001|      Section 2.  EFFECTIVE DATE.--The effective date of the
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0002|     provisions of this act is July 1, 1998.
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0003|                            - 2 -
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