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Section 10-11-38.3 - Juvenile correctional officer member coverage plan 2; amount of pension; form of payment A.

NM Stat § 10-11-38.3 (2019) (N/A)
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Under juvenile correctional officer member coverage plan 2, the amount of pension under form of payment A is equal to three percent of final average salary multiplied by service credit. The amount shall not exceed ninety percent of the final average salary.

History: Laws 1994, ch. 128, § 11; 2013, ch. 225, § 27.

The 2013 amendment, effective July 1, 2013, decreased the maximum pension benefit under the member coverage plan 2 for juvenile correctional officers; in the title, deleted "State hazardous duty" and added "Juvenile correctional officer"; in the first sentence, after "Under", deleted "state hazardous duty" and added "juvenile correctional officer"; and in the second sentence, after "shall not exceed", deleted "one hundred" and added the word "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.

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Section 10-11-38.2 - Juvenile correctional officer member coverage plan 2; age and service credit requirements for normal retirement.
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Section 10-11-38.5 - Juvenile correctional officer member coverage plan 2; member contribution rate.