Under municipal fire member coverage plan 5: A. for a member with age and service requirements provided under Subsection A of Section 10-11-111 NMSA 1978, the amount of pension under form of payment A is equal to three 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; and B. for a member with age and service requirements provided under Subsection B of Section 10-11-111 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. History: Laws 1987, ch. 253, § 112; 2013, ch. 225, § 84; 2023, ch. 53, § 17. The 2023 amendment, effective June 16, 2023, increased the maximum amount of pension that a municipal fire member under coverage plan 5 is permitted to earn; and in Subsections A and B, after "shall not exceed", deleted "ninety" and added "one hundred". Applicability. — The provisions of Laws 2023, ch. 53, § 19 apply to credited service performed after June 16, 2023. Any credited service performed or amount of pension earned prior to June 16, 2023 shall not be calculated or adjusted to conform to the provisions of Laws 2023, ch. 53. The 2013 amendment, effective July 1, 2013, increased the maximum pension benefit; decreased the pension benefit for employees who become members after June 30, 2013; in Subsection A, in the first sentence, added "for a member with age and service requirements provided under Subsection A of Section 10-11-111 NMSA 1978" and in the second sentence, after "shall not exceed", deleted "eighty" and added "ninety"; and added Subsection B. Severability. — Laws 2013, ch. 225, § 93 provided that if any part or application of Laws 2013, ch. 225 is held invalid, the remainder or its application to other situations or persons shall not be affected.
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