HOUSE BILL 42

50th legislature - STATE OF NEW MEXICO - second session, 2012

INTRODUCED BY

Dennis J. Kintigh

AN ACT

RELATING TO REVENUE; INCREASING STATE LEGISLATOR CONTRIBUTIONS TO THE STATE LEGISLATOR RETIREMENT PLAN; CHANGING THE PENSION CALCULATION; DECLARING AN EMERGENCY.

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

     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] the first day of the calendar 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."

     SECTION 2. Section 10-11-43.4 NMSA 1978 (being Laws 2003, Chapter 85, Section 10) is amended to read:

     "10-11-43.4. STATE LEGISLATOR MEMBER COVERAGE PLAN 2--MEMBER CONTRIBUTION RATE.--A member under state legislator member coverage plan 2 shall contribute an amount equal to [five hundred dollars ($500)] six hundred dollars ($600) for each year of credited service less the amount of any prior contributions made by the member for that credited service."

     SECTION 3. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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