N.M. Stat. Ann. § 10-11-26.3 – State general member coverage plan 3; amount of pension; form of payment A

Under state general member coverage plan 3:

A. for a member with age and service requirements provided under Paragraph (1) or (3) of Subsection A of Section 10-11-26.2 NMSA 1978, the amount of pension under form of payment A is equal to three percent of final average salary multiplied by service credit. The amount shall not exceed one hundred percent of the final average salary; and
B. for a member with age and service requirements provided under Paragraph (2) or (4) of Subsection A of Section 10-11-26.2 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by service credit. The amount shall not exceed one hundred percent of the final average salary.

History: Laws 1994, ch. 128, § 4; 2013, ch. 225, § 11; 2023, ch. 53, § 1; 2026, ch. 14, § 6.

ANNOTATIONS

The 2026 amendment, effective May 20, 2026, included certain public regulation commission commissioners in an existing provision that calculates the amount of pension for members; in Subsection B, after "Paragraph (2)" added "or (4)".

The 2023 amendment, effective June 16, 2023, increased the maximum amount of pension that a state general member is permitted to earn; and in Subsections A and B, after "shall not exceed", deleted "ninety" and added "one hundred".

Applicability. — The provisions of Laws 2023, ch. 53, § 19 apply to credited service performed after June 16, 2023. Any credited service performed or amount of pension earned prior to June 16, 2023 shall not be calculated or adjusted to conform to the provisions of Laws 2023, ch. 53.

The 2013 amendment, effective July 1, 2013, increased the maximum pension benefit; decreased the pension benefit for employees who become members after June 30, 2013; in Subsection A, in the first sentence, added "for a member with age and service requirements provided under Paragraph (1) or (3) of Subsection A of Section 10-11-26.2 NMSA 1978" and in the second sentence, after "shall not exceed", deleted "eighty" and added "ninety"; and added Subsection B.

Severability. — Laws 2013, ch. 225, § 93 provided that if any part or application of Laws 2013, ch. 225 is held invalid, the remainder or its application to other situations or persons shall not be affected.