Section 22-11-23 - Retirement eligibility. - New Mexico Statutes

22-11-23. Retirement eligibility.

A.     On and after July 1, 1984:   

(1)     a member shall be eligible for retirement benefits pursuant to the Educational Retirement Act when either of the following conditions occurs:   

(a)     the sum of the member's age and years of earned service-credit equals seventy-five; or   

(b)     upon completion of five years of earned service-credit and upon becoming sixty-five years of age;   

(2)     a member under sixty years of age eligible to retire under Paragraph (1) of this subsection may retire and receive retirement benefits pursuant to the Educational Retirement Act that he would be eligible to receive if he were to retire at the age of sixty years reduced by six-tenths of one percent for each one-fourth, or portion thereof, year that retirement occurs prior to the member's sixtieth birthdate but after the fifty-fifth birthdate, and one and eight-tenths percent for each one-fourth, or portion thereof, year that retirement occurs prior to age fifty-five; or   

(3)     a member under sixty years of age acquiring twenty-five or more years of earned and allowed service-credit may retire and receive retirement benefits pursuant to the Educational Retirement Act computed on the same basis as if the member were sixty years of age.   

B.     A member shall be subject to the provisions of Paragraphs (2) and (3) of Subsection A of this section as they existed at the beginning of his last cumulated four quarters of earned service-credit, regardless of later amendment.