SENATE BILL 159
49th legislature - STATE OF NEW MEXICO - second session, 2010
INTRODUCED BY
Steven P. Neville
AN ACT
RELATING TO LEGISLATIVE RETIREMENT; PROVIDING A LIMITED
OPPORTUNITY TO MAKE CONTRIBUTIONS FOR THE PURPOSE OF QUALIFYING
FOR A CERTAIN PENSION UNDER STATE LEGISLATOR MEMBER COVERAGE
PLAN 1; 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--ADDITIONAL CONTRIBUTION
PERIOD FOR STATE LEGISLATOR MEMBER COVERAGE PLAN 1.--A state legislator member who is otherwise ineligible for the pension amount in Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978 solely because of the failure to make a timely contribution pursuant to Section 10-11-42 NMSA 1978 shall be eligible for that pension amount if, before January 1, 2011, the member makes a contribution of:
A. two hundred dollars ($200) for each year of credited service less the amount of prior contributions made by the member for that service; plus
B. interest on the amount paid pursuant to Subsection A of this section from December 31, 2003 to the date of payment at a rate to be determined by the retirement board created pursuant to the Public Employees Retirement Act.
Section 2. 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, 2010 shall be eligible for state legislator member coverage plan 2 if, by December 31, 2010, 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 January 1, 2011; and
B. pays interest on the amount contributed at an interest rate set by the retirement board created pursuant to the Public Employees Retirement Act.
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