45th legislature - STATE OF NEW MEXICO - first session, 2001

RELATING TO COURTS; PROVIDING EARLY RETIREMENT FOR MAGISTRATE JUDGES; INCREASING THE AMOUNT OF PENSION FOR MAGISTRATE JUDGES; AMENDING AND ENACTING SECTIONS OF THE MAGISTRATE RETIREMENT ACT.

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

Section 1. A new section of the Magistrate Retirement Act is enacted to read:

"[NEW MATERIAL] EARLY RETIREMENT.--

A. Any member with not less than eighteen years of service credit may elect to retire at any time between age fifty and age sixty and receive a pension that is one-twelfth of the following formula:

Salary received X [.7+(.005 X Number

during the last full of years between year in office age fifty and the prior to retirement age at retirement)]. B. The provisions of the Public Employees Retirement Reciprocity Act and the provisions of the Magistrate Retirement Act regarding cost-of-living adjustments shall apply to the provisions of this section."

Section 2. Section 10-12C-9 NMSA 1978 (being Laws 1992, Chapter 118, Section 9) is amended to read:

"10-12C-9. AMOUNT OF PENSION.--The amount of pension is equal to one-twelfth of:

[seventy-five] eighty percent of (number of years of

salary received during service, not exceeding

last year in office X .05 X fifteen years, [+]

prior to retirement plus five years)."

Section 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2001.