Section 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. History: Laws 1987, ch. 253, § 42; 2003, ch. 85, § 6. ANNOTATIONSTemporary provisions. — Laws 2019, ch. 251, § 3, effective July 1, 2019, provided that a state legislator member who is otherwise ineligible for the pension amount in Paragraph (2) of Subsection C of Section 10-11-41 NMSA 1978 solely because of the failure to make a timely contribution pursuant to Section 10-11-42 NMSA 1978 shall be eligible for that pension amount if, before January 1, 2020, the member makes a contribution of:A. two hundred dollars ($200) for each year of credited service; andB.

tion 10-11-42 NMSA 1978 shall be eligible for that pension amount if, before January 1, 2020, the member makes a contribution of:A. two hundred dollars ($200) for each year of credited service; andB. interest on the amount paid pursuant to Subsection A of this section from December 31, 2003 to the date of payment at a rate to be determined by the retirement board created pursuant to the Public Employees Retirement Act.The 2003 amendment, effective July 1, 2003 designated the former first paragraph as present Subsection A; added 'Prior to January 1, 2004,' at the beginning of present Subsection A; and added present Subsection B. Legislative retirement plan does not violate constitution. — The retirement benefits for which legislators may be eligible under the legislative retirement plan do not constitute legislative compensation; accordingly, the plan does not violate N.M. Const. art IV, § 10. State ex rel. Udall v. Public Emps. Ret. Bd., 1995-NMSC-078, 120 N.M. 786, 907 P.2d 190, rev'g 1994-NMCA-094, 118 N.M. 507, 882 P.2d 548.