SENATE BILL 12

51st legislature - STATE OF NEW MEXICO - second session, 2014

INTRODUCED BY

Jacob R. Candelaria

FOR THE INVESTMENTS AND PENSIONS OVERSIGHT COMMITTEE

AN ACT

RELATING TO PENSIONS; PROVIDING A MINIMUM RETIREMENT AGE FOR CERTAIN LEGISLATIVE MEMBERS RETIRING UNDER THE PUBLIC EMPLOYEES RETIREMENT ACT.

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

     SECTION 1. Section 10-11-43.2 NMSA 1978 (being Laws 2003, Chapter 85, Section 8) is amended to read:

     "10-11-43.2. STATE LEGISLATOR MEMBER COVERAGE PLAN 2--AGE AND SERVICE REQUIREMENTS FOR NORMAL RETIREMENT.--Under state legislator member coverage plan 2, the age and service requirements for normal retirement are:

          A. for a member who initially became a member on or before June 30, 2009:

                (1) age sixty-five years or older and five or more years of credited service; or

                [B.] (2) any age and ten or more years of credited service; or

          B. for a member who initially became a member on or after July 1, 2009:

                (1) age sixty-five years or older and five or more years of credited service; or

                (2) age fifty-five years or older and ten or more years of credited service."

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2014.

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