0001|                           SENATE BILL 330
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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|                            CISCO McSORLEY
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO PUBLIC RETIREMENT; INCREASING THE LEGISLATIVE
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0012|     CONTRIBUTION RATE AND THE LEGISLATIVE PENSION AMOUNT; AMENDING
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0013|     SECTIONS OF THE PUBLIC EMPLOYEES RETIREMENT ACT.
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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 10-11-41 NMSA 1978 (being Laws 1987,
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0017|     Chapter 253, Section 41) is amended to read:
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0018|          "10-11-41.  STATE LEGISLATOR MEMBER COVERAGE PLAN 1--
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0019|     AMOUNT OF PENSION--FORM OF PAYMENT A.--
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0020|               A.  Under state legislator member coverage plan 1,
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0021|     the annual amount of pension under form of payment A is equal
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0022|     to ~[two hundred fifty dollars ($250)]~ |five hundred dollars
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0023|     ($500)| multiplied by credited service as a legislator or
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0024|     lieutenant governor, if the member served as legislator or
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0025|     lieutenant governor after December 31, 1959.
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0001|               B.  Under state legislator member coverage plan 1,
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0002|     the annual amount of pension under form of payment A is equal
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0003|     to ~[forty dollars ($40.00)]~ |eighty dollars ($80.00)|
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0004|     multiplied by credited service as a legislator or lieutenant
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0005|     governor, if all service as a legislator or lieutenant
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0006|     governor is prior to January 1, 1960."
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0007|          Section 2.  Section 10-11-42 NMSA 1978 (being Laws 1987,
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0008|     Chapter 253, Section 42) is amended to read:
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0009|          "10-11-42.  STATE LEGISLATOR MEMBER COVERAGE PLAN 1--
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0010|     MEMBER CONTRIBUTION RATE.--A member under state legislator
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0011|     member coverage plan 1 shall contribute ~[one hundred dollars
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0012|     ($100)]~ |two hundred dollars ($200)| for each year of
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0013|     credited service earned after December 31, 1959."
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0014|                              
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