HOUSE BILL 404

54th legislature - STATE OF NEW MEXICO - second session, 2020

INTRODUCED BY

Gail Armstrong

 

 

 

 

 

AN ACT

RELATING TO PUBLIC RETIREMENT; PROVIDING A RETIREMENT ANNUITY TO THE SURVIVING BENEFICIARY OF A VOLUNTEER FIREFIGHTER WHO DIES PRIOR TO RETIREMENT.

 

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

     SECTION 1. Section 10-11A-7 NMSA 1978 (being Laws 1983, Chapter 263, Section 7, as amended) is amended to read:

     "10-11A-7. RETIREMENT ANNUITY--SURVIVING BENEFICIARY.--

          A. A member may designate a spouse or dependent child as a beneficiary.

          B. In the event a retirement annuitant dies, the surviving beneficiary shall receive an annuity equal to two-thirds of the retirement annuity being paid to the retirement annuitant at the time of death; provided that the annuity paid to a beneficiary spouse shall cease upon the surviving spouse's marriage or death and the annuity paid to a beneficiary dependent child shall cease upon the child reaching eighteen years of age or upon the child's death, whichever comes first.

          C. If the member had the applicable minimum number of years of service credit required for a retirement annuity, but dies prior to retirement, the surviving beneficiary shall receive an annuity equal to two-thirds of the retirement annuity that the member would have been eligible for at the time of death; provided that the annuity paid to a beneficiary spouse shall cease upon the surviving spouse's marriage or death and the annuity paid to a beneficiary dependent child shall cease upon the child reaching eighteen years of age or upon the child's death, whichever comes first."

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