A. The annual disability benefit shall be equal to two percent of the member's average annual salary multiplied by the number of years of the member's total service-credit if the result is greater than one-third of the member's average annual salary. If the result of that formula is less than one-third of the member's average annual salary, the annual disability benefit shall be equal to the lesser of the following amounts: (1) two percent of the member's average annual salary multiplied by the sum of the member's total service-credit plus the number of years, calculated to the nearest completed quarter, from the effective date of the member's disability to the member's sixtieth birthday; or (2) one-third of the member's average annual salary. B. A member's average annual salary for the purpose of computing disability benefits shall be the average salary for the last five years of employment or for any other consecutive five-year period for which contribution was made by the member, whichever is higher. C. The annual disability benefit shall be paid in equal monthly installments. History: 1953 Comp., § 77-9-37, enacted by Laws 1967, ch. 16, § 160; 1973, ch. 350, § 1; 1991, ch. , whichever is higher. C. The annual disability benefit shall be paid in equal monthly installments. History: 1953 Comp., § 77-9-37, enacted by Laws 1967, ch. 16, § 160; 1973, ch. 350, § 1; 1991, ch. 140, § 4. ANNOTATIONSThe 1991 amendment, effective June 14, 1991, in Subsection A, substituted 'two percent' for 'one and one-half percent' in the first sentence and in Paragraph (1); inserted 'annual' preceding 'salary' in Subsection B; and made minor stylistic changes in Subsections A and B.
New Mexico Legal Code