FORTY-SEVENTH LEGISLATURE

SECOND SESSION, 2006

February 9, 2006

Mr. Speaker:

    Your CONSUMER AND PUBLIC AFFAIRS COMMITTEE, to whom has been referred

SENATE BILL 20

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

     1. On page 1, line 13, after "ACT" insert a semicolon and "REVISING THE HIGHEST THREE-YEAR AVERAGE METHOD FOR CALCULATING THE PENSION PAYABLE PURSUANT TO STATE LEGISLATOR COVERAGE PLAN 2".

     2. On page 8, between lines 5 and 6, insert the following new sections:

     "Section 3. 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 per diem [rate] rates in effect, pursuant to Section 2-1-8 NMSA 1978, [on December 31 of the calendar year that] as determined on July 1 of each year of service of the legislator or lieutenant governor [retires] multiplied by sixty 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 4. TEMPORARY PROVISION--APPLICABILITY.--The adjustment in the pension for state legislator member coverage plan 2 provided in Section 3 of this act is applicable to state legislator members who retire on or after July 1, 2006.".

     3. Renumber the succeeding section accordingly.

and thence referred to the APPROPRIATIONS AND FINANCE COMMITTEE.                            

                             Respectfully submitted,

Gail Chasey, Chairwoman

Adopted     Not Adopted

           (Chief Clerk)                            (Chief Clerk)

Date

The roll call vote was 6 For 0 Against

Yes:      6

No:       0

Excused:  Gardner

Absent:   None

.161792.1

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