A. Prior to January 1, 2004, a member under state legislator member coverage plan 1 shall contribute one hundred dollars ($100) for each year of credited service earned after December 31, 1959.

B. To be eligible for the pension amount in Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978, a member under state legislator member coverage plan 1 must contribute one hundred dollars ($100) for each year of credited service earned after December 31, 1959 and must make that required contribution no later than December 31, 2003.

History: Laws 1987, ch. 253, § 42; 2003, ch. 85, § 6.

Temporary provisions. — Laws 2019, ch. 251, § 3, effective July 1, 2019, provided that a state legislator member who is otherwise ineligible for the pension amount in Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978 solely because of the failure to make a timely contribution pursuant to Section 10-11-42 NMSA 1978 shall be eligible for that pension amount if, before January 1, 2020, the member makes a contribution of:

A. two hundred dollars ($200) for each year of credited service; and

B. interest on the amount paid pursuant to Subsection A of this section from December 31, 2003 to the date of payment at a rate to be determined by the retirement board created pursuant to the Public Employees Retirement Act.

The 2003 amendment, effective July 1, 2003 designated the former first paragraph as present Subsection A; added "Prior to January 1, 2004," at the beginning of present Subsection A; and added present Subsection B.

Legislative retirement plan does not violate constitution. — The retirement benefits for which legislators may be eligible under the legislative retirement plan do not constitute legislative compensation; accordingly, the plan does not violate N.M. Const. art IV, § 10. State ex rel. Udall v. Public Emps. Ret. Bd., 1995-NMSC-078, 120 N.M. 786, 907 P.2d 190, rev'g 1994-NMCA-094, 118 N.M. 507, 882 P.2d 548.