A. Prior to January 1, 2004, 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 legislator or lieutenant governor after December 31, 1959 and his service ended on or before December 31, 2002.

B. 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.

C. After December 31, 2003, under state legislator member coverage plan 1, the annual amount of pension under form of payment A is equal to:

(1) the amount in Subsection A of this section if the member makes no additional contributions pursuant to Subsection B of Section 10-11-42 NMSA 1978; or

(2) five hundred dollars ($500) multiplied by the years of credited service as a legislator or lieutenant governor, if the state legislator member makes additional contributions by December 31, 2003 pursuant to Subsection B of Section 10-11-42 NMSA 1978.

History: Laws 1987, ch. 253, § 41; 2003, ch. 85, § 5.

Repeals and reenactments. — Laws 1987, Chapter 253 repealed former 10-11-41 NMSA 1978, as enacted by Laws 1963, ch. 102, § 3, relating to disbursement by municipalities upon assumption of plans created pursuant to 1947 law, and enacted a new section, effective July 1, 1987.

Temporary provisions. — Laws 2019, ch. 251, § 3, effective July 1, 2019, provided that a state legislator member who is otherwise ineligible for the pension amount in Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978 solely because of the failure to make a timely contribution pursuant to Section 10-11-42 NMSA 1978 shall be eligible for that pension amount if, before January 1, 2020, the member makes a contribution of:

A. two hundred dollars ($200) for each year of credited service; and

B. interest on the amount paid pursuant to Subsection A of this section from December 31, 2003 to the date of payment at a rate to be determined by the retirement board created pursuant to the Public Employees Retirement Act.

The 2003 amendment, effective July 1, 2003 in Subsection A added "Prior to January 1, 2004," at the beginning and added "and his service ended on or before December 31, 2002" at the end; and inserted present Subsection C.

Legislative retirement plan does not violate constitution. — The retirement benefits for which legislators may be eligible under the legislative retirement plan do not constitute legislative compensation; accordingly, the plan does not violate N.M. Const. art IV, § 10. State ex rel. Udall v. Public Emps. Ret. Bd., 1995-NMSC-078, 120 N.M. 786, 907 P.2d 190, rev'g 1994-NMCA-094, 118 N.M. 507, 882 P.2d 548.