A. A member who is eligible for retirement may continue in employment and shall continue to pay contributions as provided by the Educational Retirement Act.
B. Provided that the contributions that the member has made are left in the fund, a member eligible for retirement benefits pursuant to the provisions of Section 22-11-23, 22-11-23.1 or 22-11-23.2 NMSA 1978 may terminate employment and retire at any time upon satisfying the applicable age and earned service requirements for retirement.
C. A member shall not be on a retirement status while engaged in employment unless the employment falls within an exception established by statute or rule of the board.
History: 1953 Comp., § 77-9-26, enacted by Laws 1967, ch. 16, § 150; 1971, ch. 12, § 3; 1974, ch. 5, § 3; 2003, ch. 39, § 6; 2013, ch. 61, § 5.
Cross references. — For retirement eligibility generally, see 22-11-23 NMSA 1978.
The 2013 amendment, effective July 1, 2013, permitted a member who is eligible for retirement benefits to retire upon satisfaction of the applicable age and earned service requirements; in Subsection A, after "A member", added "who is"; in Subsection B, at the beginning to the sentence, deleted "A member" and added "Provided that the contributions that the member has made are left in the fund, a member eligible for retirement benefits pursuant to the provisions of Section 22-11-23, 22-11-23.1 or 22-11.23.2 NMSA 1978" and after "at any time", deleted "after his age and his earned service credit equal the sum of seventy-five if the contributions he has made are left in the fund" and added "upon satisfying the applicable age and earned service requirements for retirement"; deleted former Subsection C, which provided for the retirement of a member who has five years or more of earned service credit; and in Subsection C, after "A member shall", added "not" and after "employment falls within", deleted "exceptions" and added "an exception".
The 2003 amendment, effective June 20, 2003, added "unless the employment falls within exceptions established by statute or rule of the board" at the end of Subsection D.
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