Under state police member and adult correctional officer member coverage plan 1, the amount of pension under form of payment A is equal to three percent of final average salary multiplied by credited service. The amount shall not exceed ninety percent of the final average salary.
History: Laws 1987, ch. 253, § 29; 2003, ch. 268, § 12; 2013, ch. 225, § 17.
Repeals and reenactments. — Laws 1987, Chapter 253 repealed former 10-11-29 NMSA 1978, as amended by Laws 1985, ch. 162, § 1, relating to cost-of-living adjustment, and enacted a new section, effective July 1, 1987.
The 2013 amendment, effective July 1, 2013, increased the maximum pension benefit; and in the second sentence, after "shall not exceed", deleted "eighty" and added "ninety".
Severability. — Laws 2013, ch. 225, § 93 provided that if any part or application of Laws 2013, ch. 225 is held invalid, the remainder or its application to other situations or persons shall not be affected.
The 2003 amendment, effective July 1, 2003, inserted "and adult correctional officer member" following "state police member" in the section heading and following "member" in the text.
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