SENATE BILL 114

51st legislature - STATE OF NEW MEXICO - first session, 2013

INTRODUCED BY

Stuart Ingle

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.

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, 2014, 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.

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