Section 10-11-41 - State legislator member coverage plan 1; amount of pension; form of payment A. - New Mexico Statutes

10-11-41. State legislator member coverage plan 1; amount of pension; form of payment A.

A.     Prior to January 1, 2004, under state legislator member coverage plan 1, the annual amount of pension under form of payment A is equal to two hundred fifty dollars ($250) multiplied by credited service as a legislator or lieutenant governor, if the member served as legislator or lieutenant governor after December 31, 1959 and his service ended on or before December 31, 2002.   

B.     Under state legislator member coverage plan 1, the annual amount of pension under form of payment A is equal to forty dollars ($40.00) multiplied by credited service as a legislator or lieutenant governor, if all service as a legislator or lieutenant governor is prior to January 1, 1960.   

C.     After December 31, 2003, under state legislator member coverage plan 1, the annual amount of pension under form of payment A is equal to:   

(1)     the amount in Subsection A of this section if the member makes no additional contributions pursuant to Subsection B of Section 10-11-42 NMSA 1978; or   

(2)     five hundred dollars ($500) multiplied by the years of credited service as a legislator or lieutenant governor, if the state legislator member makes additional contributions by December 31, 2003 pursuant to Subsection B of Section 10-11-42 NMSA 1978.