Under state public safety member coverage plan 1, the amount of pension under form of payment A is equal to three percent of 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, § 29; 2003, ch. 268, § 12; 2013, ch. 225, § 17; 2020, ch. 11, § 10; 2023, ch. 53, § 2; 2024, ch. 52, § 5. Repeals and reenactments. — Laws 1987, Chapter 253 repealed former 10-11-29 NMSA 1978, as amended by Laws 1985, ch. 162, § 1, relating to cost-of-living adjustment, and enacted a new section, effective July 1, 1987. The 2024 amendment, effective May 15, 2024, changed the name of the state police member, correctional officer member and probation and parole officer member coverage plan 1 to the state public safety member coverage plan 1; and deleted "police member, correctional officer member and probation and parole officer" and added "public safety" preceding each occurrence of "member coverage plan 1". The 2023 amendment, effective June 16, 2023, increased the maximum amount of pension that a state police member is permitted to earn; and 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 2020 amendment, effective July 1, 2020, revised the name of the coverage plan; in the section heading, deleted "and adult", and added "and probation and parole officer member"; and after "state police member", deleted "and adult", and after "correctional officer member", added "and probation and parole officer member". The 2013 amendment, effective July 1, 2013, increased the maximum pension benefit; and in the second sentence, after "shall not exceed", deleted "eighty" and added "ninety". 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. The 2003 amendment, effective July 1, 2003, inserted "and adult correctional officer member" following "state police member" in the section heading and following "member" in the text.
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