§ 10-11-55.3 NMSA 1978

Municipal 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).

1978 Comp., § 10-11-55.3, enacted by Laws 1993, ch. 58, § 3; 2013, ch. 225, § 40; 2023, ch. 53, § 6.

Under municipal general member coverage plan 3:

A. for a member with age and service requirements provided under Subsection A of Section 10-11-55.2 NMSA 1978, the amount of pension under form of payment A is equal to three percent of the final average salary multiplied by credited service. 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 Subsection B of Section 10-11-55.2 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 credited service. 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.