FIFTIETH LEGISLATUREHB 18/a
FIRST SESSION, 2011
March 17, 2011
Mr. President:
Your FINANCE COMMITTEE, to whom has been referred
HOUSE BILL 18, as amended
has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:
1. Strike House Floor Amendment number 1.
2. On page 1, line 12, after the semicolon, insert "CHANGING THE PENSION CALCULATION;".
3. On page 1, between lines 15 and 16, insert the following new section:
"SECTION 1. 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 per diem rate in effect, pursuant to Section 2-1-8 NMSA 1978, on [December 31 of the calendar] the first day of the fiscal year that 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."".
4. Renumber the succeeding sections accordingly.
5. On page 1, lines 20 and 21, remove the brackets and line through "five hundred dollars ($500)" and strike the underscored language.
6. On page 1, line 22, after "service", insert "prior to January 1, 2011 and seven hundred fifty dollars ($750) for each year of credited service beginning on or after January 1, 2011".
___________________________________
John Arthur Smith, Chairman
Adopted_______________________ Not Adopted_______________________
(Chief Clerk) (Chief Clerk)
Date ________________________
The roll call vote was 8 For 0 Against
Yes: 8
No: 0
Excused: Adair, Cisneros, Rodriguez
Absent: None
HB0018FC1.wpd .186865.2