Section 23-1-10 - Right to pension; maximum amount; inclusion in budget. - New Mexico Statutes

23-1-10. [Right to pension; maximum amount; inclusion in budget.]

That upon the request of any person entitled to a pension under this act [23-1-9 to 23-1-11 NMSA 1978], it is hereby made the duty of the governing board of such institution to retire said person from active duty and fix the amount of his monthly pension at a sum equal to fifty percent of the compensation actually being received and enjoyed at the date of retirement, but in no event to exceed the sum of $1,800 per year, and the governing board of such institution shall pay to such person a monthly payment as herein provided for and during the remainder of his natural life, and in the preparation of all budgets touching the running expenses of said institution, provision shall be made in such budget for the payment of the pensions by this act provided.