A. A member who was a member on June 30, 2010, or was a member at any time prior to that date and had not, on that date, been refunded all member contributions pursuant to Subsection A of Section 22-11-15 NMSA 1978, shall be eligible for retirement benefits when:

(1) the member is any age and has twenty-five or more years of earned and allowed service credit;

(2) the member is at least sixty-five years of age and has five or more years of earned service credit; or

(3) the sum of the member's age and years of earned service credit equals at least seventy-five; provided that a member who retires pursuant to this paragraph shall be subject to the benefit reductions provided in Subsection G of Section 22-11-30 NMSA 1978.

B. A member shall be subject to the provisions of Subsection A of this section as they existed at the beginning of the member's last cumulated four quarters of earned service credit, regardless of later amendment.

History: 1953 Comp., § 77-9-22, enacted by Laws 1967, ch. 16, § 146; 1971, ch. 12, § 2; 1974, ch. 5, § 2; reenacted by 1981, ch. 293, § 2; 1984, ch. 19, § 4; 1993, ch. 69, § 7; 2009, ch. 286, § 1; 2009, ch. 288, § 14; 2013, ch. 61, § 2.

Cross references. — For deferred retirement, see 22-11-27 NMSA 1978.

For earned service-credit generally, see 22-11-33 NMSA 1978.

For allowed service-credit generally, see 22-11-34 NMSA 1978.

For reciprocal service credit under Public Employees Retirement Reciprocity Act, see 10-13A-4 NMSA 1978.

The 2013 amendment, effective July 1, 2013, increased age and service retirement requirements; in Subsection A, in the introductory sentence, at the beginning of the sentence, deleted "The retirement eligibility for", after "A member who", deleted "either", and after "NMSA 1978", deleted "is as follows" and added "shall be eligible for retirement benefits when"; deleted former Paragraphs (1) through (3) of Subsection A, which provided age and service eligibility requirements for retirement benefits; added Paragraphs (1) through (3) of Subsection A; and in Subsection B, after "provisions of", deleted "Paragraphs (2) and (3) of".

The 2009 amendment, effective July 1, 2011, in Subsection A, deleted the introductory phrase "On or before July 1, 1984" and added the new introductory paragraph.

Temporary provisions. — Laws 2009, ch. 288, § 19, effective April 10, 2009, created a retirement systems solvency task force to study the actuarial soundness and solvency of the retirement plans of the public employees retirement association, the educational retirement association and the health care plan of the retiree health care authority, and prepare a solvency plan for each entity.

The 1993 amendment, effective June 18, 1993, substituted "cumulated four quarters" for "cumulated years" in Subsection B and made a minor stylistic change in Subsection A.

Nature of retirement rights. — Benefits under the Educational Retirement Act of this state are retirement allowances and not mere gratuities inasmuch as the employees themselves maintain in part the fund. When an employee meets all of the requirements for retirement - that is to say, when the contingency occurs on which payments are to be made - he or she acquires a vested right in his retirement benefits under the act and any subsequent discharge or other happenings cannot defeat this right. 1960 Op. Att'y Gen. No. 60-217.

Am. Jur. 2d, A.L.R. and C.J.S. references. — Services included in computing period of services for purpose of teachers' retirement benefits, 2 A.L.R.2d 1033.

Disciplinary suspension of public employee as affecting computation of length of service for retirement or pension purposes, 6 A.L.R.2d 506.

Validity of repeal or modification of pension statute provisions, 52 A.L.R.2d 437.

Misconduct as affecting right to pension or retention of position in retirement system, 76 A.L.R.2d 566.