Section 10-11-42 - State legislator member coverage plan 1; member contribution rate. - New Mexico Statutes

10-11-42. State legislator member coverage plan 1; member contribution rate.

A.     Prior to January 1, 2004, a member under state legislator member coverage plan 1 shall contribute one hundred dollars ($100) for each year of credited service earned after December 31, 1959.   

B.     To be eligible for the pension amount in Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978, a member under state legislator member coverage plan 1 must contribute one hundred dollars ($100) for each year of credited service earned after December 31, 1959 and must make that required contribution no later than December 31, 2003.