SENATE BILL 744

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

Cynthia Nava

AN ACT

RELATING TO RETIREMENT; INCREASING THE RETIREMENT BENEFIT FOR VOLUNTEER FIREFIGHTERS.

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

     Section 1. Section 10-11A-5 NMSA 1978 (being Laws 1983, Chapter 263, Section 5) is amended to read:

     "10-11A-5. RETIREMENT BENEFITS--ELIGIBILITY.--

          A. Any member who attains the age of fifty-five years and has twenty-five years or more of service credit shall be eligible to receive a retirement annuity of [two hundred dollars ($200)] four hundred dollars ($400), payable monthly from the fund during the remainder of [his] the member's life.

          B. Any member who attains the age of fifty-five years and has at least ten but less than twenty-five years [or more] of service credit shall be eligible to receive a retirement annuity of [one hundred dollars ($100)] two hundred dollars ($200), payable monthly from the fund during the remainder of [his] the member's life.

          C. Any member who ceases to be a volunteer nonsalaried firefighter after completing at least ten but less than twenty-five years of service credit is eligible to receive upon attaining the age of fifty-five years a retirement annuity of [one hundred dollars ($100)] two hundred dollars ($200), payable monthly from the fund during the remainder of [his] the member's life.

          D. Any member who ceases to be a volunteer nonsalaried firefighter after completing twenty-five years of service credit is eligible to receive upon attaining the age of fifty-five years a retirement annuity of [two hundred dollars ($200)] four hundred dollars ($400), payable monthly from the fund during the remainder of [his] the member's life.

          E. Any member who qualifies for and receives a retirement annuity pursuant to this section may continue as an active member on the rolls of a fire department. However, such member shall not accrue additional service credit for the purpose of increasing the amount of [his] the member's retirement annuity."

     Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2006.

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