Section 10-11-55.3 - Municipal general member coverage plan 3; amount of pension; form of payment A.

NM Stat § 10-11-55.3 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

Under municipal general member coverage plan 3:

A. for a member with age and service requirements provided under Subsection A of Section 10-11-55.2 NMSA 1978, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service. The amount shall not exceed ninety percent of the final average salary; and

B. for a member with age and service requirements provided under Subsection B of Section 10-11-55.2 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by credited service. The amount shall not exceed ninety percent of the final average salary.

History: 1978 Comp., § 10-11-55.3, enacted by Laws 1993, ch. 58, § 3; 2013, ch. 225, § 40.

The 2013 amendment, effective July 1, 2013, increased the maximum pension benefit; decreased the pension benefit for employees who become members after June 30, 2013; in Subsection A, in the first sentence, added "for a member with age and service requirements provided under Subsection A of Section 10-11-55.2 NMSA 1978" and in the second sentence, after "shall not exceed", deleted "eighty" and added "ninety"; and added Subsection B.

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.

Previous Section

Section 10-11-55.2 - Municipal general member coverage plan 3; age and service requirements for normal retirement.

Next Section

Section 10-11-55.5 - Municipal general member coverage plan 3; member contribution rate.