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§ 10-11-26.3 NMSA 1978

State general member coverage plan 3; amount of pension; form of payment A

Known as the Public Employees Retirement Act

The act spans §§ 10-11-1 to 10-11-99 (201 sections).

Laws 1994, ch. 128, § 4; 2013, ch. 225, § 11; 2023, ch. 53, § 1; 2026, ch. 14, § 6.

Under state general member coverage plan 3:

A. for a member with age and service requirements provided under Paragraph (1) or (3) of Subsection A of Section 10-11-26.2 NMSA 1978, the amount of pension under form of payment A is equal to three percent of final average salary multiplied by service credit. The amount shall not exceed one hundred percent of the final average salary; and

B. for a member with age and service requirements provided under Paragraph (2) or (4) of Subsection A of Section 10-11-26.2 NMSA 1978, the amount of pension under form of payment A is equal to two and one-half percent of the final average salary multiplied by service credit. The amount shall not exceed one hundred percent of the final average salary.

Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.