HOUSE BILL 547
47th legislature - STATE OF NEW MEXICO - second session, 2006
INTRODUCED BY
Justine Fox-Young
AN ACT
RELATING TO LEGISLATIVE RETIREMENT; PROVIDING THAT CURRENT AND FUTURE LEGISLATORS AND LIEUTENANT GOVERNORS ARE NO LONGER ELIGIBLE FOR COVERAGE PLAN 2; APPLYING THE PROVISIONS OF COVERAGE PLAN 1 TO CURRENT AND FUTURE LEGISLATORS AND LIEUTENANT GOVERNORS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 10-11-39 NMSA 1978 (being Laws 1987, Chapter 253, Section 39, as amended) is amended to read:
"10-11-39. STATE LEGISLATOR MEMBER COVERAGE PLAN 1--APPLICABILITY.--State legislator member coverage plan 1 is applicable to state legislators and lieutenant governors who served terms of office that ended:
A. on or before December 31, 2002; or
B. on or after January 1, 2006."
Section 2. Section 10-11-41 NMSA 1978 (being Laws 1987, Chapter 253, Section 41, as amended) is amended to read:
"10-11-41. STATE LEGISLATOR MEMBER COVERAGE PLAN 1--AMOUNT OF PENSION--FORM OF PAYMENT A.--
A. Prior to January 1, 2004, under state legislator member coverage plan 1, the annual amount of pension under form of payment A is equal to two hundred fifty dollars ($250) multiplied by credited service as a legislator or lieutenant governor, if the member served as legislator or lieutenant governor after December 31, 1959 and [his] the member's service ended on or before December 31, 2002.
B. Under state legislator member coverage plan 1, the annual amount of pension under form of payment A is equal to forty dollars ($40.00) multiplied by credited service as a legislator or lieutenant governor, if all service as a legislator or lieutenant governor is prior to January 1, 1960.
C. After December 31, 2003, under state legislator member coverage plan 1, the annual amount of pension under form of payment A is equal to:
(1) the amount in Subsection A of this section if the member makes no additional contributions pursuant to Subsection B of Section 10-11-42 NMSA 1978; or
(2) five hundred dollars ($500) multiplied by the years of credited service as a legislator or lieutenant governor, if the state legislator member:
(a) makes additional contributions by December 31, 2003 pursuant to Subsection B of Section 10-11-42 NMSA 1978;
(b) was serving as a member of the legislature or as lieutenant governor on January 1, 2006 and is no longer eligible for state legislator member coverage plan 2 but timely elected to be covered by that plan and made all payments required by Sections 10-11-43.4 and 10-11-43.6 NMSA 1978; or
(c) first took office on or after January 1, 2006 and elected, within one hundred eighty days of first taking office, to be a member."
Section 3. Section 10-11-42 NMSA 1978 (being Laws 1987, Chapter 253, Section 42, as amended) is amended to read:
"10-11-42. STATE LEGISLATOR MEMBER COVERAGE PLAN 1--MEMBER CONTRIBUTION RATE.--
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. Except as provided in Subsection C or D of this section, 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.
C. A member who was serving as a member of the legislature or as lieutenant governor on January 1, 2006 and is no longer eligible for state legislator member coverage plan 2 but who timely elected to be covered by that plan and made all payments required by Sections 10-11-43.4 and 10-11-43.6 NMSA 1978 is eligible for the pension amount in Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978 if the member continues contributions of one hundred dollars ($100) for each year of service; provided that, at the member's option, the amount contributed under Sections 10-11-43.4 and 10-11-43.6 NMSA 1978 above the required one hundred dollars ($100) for each year of service shall be refunded to the member or credited against future amounts due.
D. A member who first took office on or after January 1, 2006 and who timely elected to become a member is eligible for the pension amount in Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978 upon the payment of one hundred dollars ($100) for each year of service."
Section 4. Section 10-11-43.1 NMSA 1978 (being Laws 2003, Chapter 85, Section 7) is amended to read:
"10-11-43.1. STATE LEGISLATOR MEMBER COVERAGE PLAN 2--APPLICABILITY.--State legislator member coverage plan 2 is applicable to state legislators who receive no salary for their legislative service and lieutenant governors who serve terms of office that end after December 31, 2002 but only if the state legislator or lieutenant governor completed all service prior to January 1, 2006. To be covered under state legislator member coverage plan 2, a state legislator or lieutenant governor must elect to be a member no later than one hundred eighty days after first taking office or, for state legislators and the lieutenant governor serving on July 1, 2003, within one hundred eighty days of that date."
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