To be eligible for state legislator member coverage plan 2, a state legislator or lieutenant governor shall make the necessary contributions by December 31, 2004 for years of credited service earned prior to January 1, 2003, in an amount that totals five hundred dollars ($500) for each year of credited service.
History: Laws 2003, ch. 85, § 12.
Effective dates. — Laws 2003, ch. 85, § 14 made the act effective July 1, 2003.
Temporary provisions. — Laws 2008, ch. 71, § 1, effective May 14, 2008, added a temporary provision that provided that notwithstanding the provisions of Sections 10-11-43.1 and 10-11-43.6 NMSA 1978, a legislator or lieutenant governor serving on July 1, 2009 shall be eligible for state legislator member coverage plan 2 if, by December 31, 2008, the legislator or lieutenant governor elects to become a member and:
A. makes a contribution in an amount that, when added to previous contributions, totals five hundred dollars ($500) for each year of credited service earned prior to December 31, 2008; and
B. pays interest on the amount contributed at an interest rate set by the public employees retirement board.
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