0001|                            HOUSE BILL 197
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                          R. DAVID PEDERSON
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0005|     
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0006|                                   
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0007|     
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0008|      FOR THE COURTS, CORRECTIONS AND CRIMINAL JUSTICE COMMITTEE
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO MAGISTRATE RETIREMENT; INCREASING THE AMOUNT OF
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0012|     PENSION FOR MAGISTRATES; AMENDING A SECTION OF THE MAGISTRATE
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0013|     RETIREMENT ACT; MAKING AN APPROPRIATION.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  Section 10-12C-9 NMSA 1978 (being Laws 1992,
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0017|     Chapter 118, Section 9) is amended to read:
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0018|          "10-12C-9.  AMOUNT OF PENSION.--The amount of pension is
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0019|     equal to one-twelfth of:
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0020|               <s>[seventy-five]</s> <u>eighty</u>               (number of years
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0021|          percent of salary                  of service, not 
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0022|          received during last     X .05 X   exceeding fifteen
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0023|          year in office prior               years, [+] <u>plus
</u>    |
<u></u>0024| <u>         </u>to retirement                     five years)."
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0025|          Section 2.  APPROPRIATION.--Sixty-six thousand four
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<center>- 1 -</center>

0001|     hundred dollars ($66,400) is appropriated from the general
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0002|     fund to the magistrate retirement fund for expenditure in
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0003|     fiscal year 1999 and subsequent fiscal years to pay for the
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0004|     increase in the amount of pension for magistrates.  Any
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0005|     unexpended or unencumbered balance remaining at the end of any
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0006|     fiscal year shall not revert to the general fund.
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0007|          Section 3.  EFFECTIVE DATE.--The effective date of the
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0008|     provisions of this act is July 1, 1998.
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0009|                                  
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0010|                                                  
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