1. A. Any member who initially became a member prior to July 1, 2005 and has not less than eighteen years of service credit may elect to retire at any time between age fifty and age sixty and receive a monthly pension that is one-twelfth of the following formula:

   Salary received during the last full year in office prior to retirement X.7 + (.005 X Number of years between age fifty and the age at retirement).

   Salary received during the last full year in office prior to retirement

   X.7 + (.005 X

   Number of years between age fifty and the age at retirement).

2. B. The provisions of the Public Employees Retirement Reciprocity Act [Chapter 10, Article 13A NMSA 1978] and the provisions of the Judicial Retirement Act regarding cost-of-living adjustments shall apply to the provisions of this section.

History: Laws 1992, ch. 111, § 12; 2005, ch. 246, § 5.

ANNOTATIONS

The 2005 amendment, effective June 17, 2005, provided the monthly early retirement pension of a member who initially became a member prior to July 1, 2005 in Subsection A.