SENATE RULES COMMITTEE SUBSTITUTE FOR

SENATE BILL 675

49th legislature - STATE OF NEW MEXICO - first session, 2009

AN ACT

RELATING TO PUBLIC FINANCE; REVISING THE METHOD FOR CALCULATING THE PENSION PAYABLE PURSUANT TO STATE LEGISLATOR MEMBER COVERAGE PLAN 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. Section 10-11-43.2 NMSA 1978 (being Laws 2003, Chapter 85, Section 8) is amended to read:

     "10-11-43.2. STATE LEGISLATOR MEMBER COVERAGE PLAN 2--AGE AND SERVICE REQUIREMENTS FOR NORMAL RETIREMENT.--Under state legislator member coverage plan 2, the age and service requirements for normal retirement are

          [A. age sixty-five years or older and five or more years of credited service; or

          B.] any age and ten or more years of credited service."

     Section 2. Section 10-11-43.3 NMSA 1978 (being Laws 2003, Chapter 85, Section 9) is amended to read:

     "10-11-43.3. STATE LEGISLATOR MEMBER COVERAGE PLAN 2--AMOUNT OF PENSION--FORM OF PAYMENT A.--Under state legislator member coverage plan 2, the annual amount of pension under form of payment A is equal in any calendar year to eleven percent of the average of the three highest separately set per diem [rate] rates in effect, pursuant to Section 2-1-8 NMSA 1978, [on December 31 of the calendar year that] during the term of service of the legislator or lieutenant governor [retires] multiplied by [sixty] seventy-five and further multiplied by credited service as a legislator or lieutenant governor. A pension paid under state legislator member coverage plan 2 shall be adjusted pursuant to Section 10-11-118 NMSA 1978 for a legislator or lieutenant governor who has been retired for at least two full calendar years from the effective date of the latest retirement prior to July 1 of the year in which the pension is being adjusted."

     Section 3. TEMPORARY PROVISION--APPLICABILITY.--The

adjustments in the pension for state legislator member coverage

plan 2 provided in Sections 1 and 2 of this act are applicable to state legislator members who retire on or after July 1, 2009.

     Section 4. EFFECTIVE DATE.--The effective date of the

provisions of this act is July 1, 2009.