AN ACT

RELATING TO LEGISLATIVE RETIREMENT; PROVIDING A TIME PERIOD

FOR CERTAIN MEMBERS TO BECOME ELIGIBLE FOR STATE LEGISLATOR

MEMBER COVERAGE PLAN 2.

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

Section 1. TEMPORARY PROVISION--TIME PERIOD FOR

ELIGIBILITY FOR STATE LEGISLATOR MEMBER COVERAGE PLAN 2.--

Notwithstanding the provisions of Sections 10-11-43.1 and

10-11-43.6 NMSA 1978, a legislator or lieutenant governor

serving on July 1, 2008 shall be eligible for state legislator

member coverage plan 2 if, by December 31, 2008, the

legislator or lieutenant governor elects to become a member

and:

A. makes a contribution in an amount that, when

added to previous contributions, totals five hundred dollars

($500) for each year of credited service earned prior to

December 31, 2008; and

B. pays interest on the amount contributed at an

interest rate set by the public employees retirement board.

HB 469

Page 1