2020 New Mexico Statutes
Chapter 10 - Public Officers and Employees
Article 11 - Retirement of Public Officers and Employees Generally
Section 10-11-14.6 - Calculation of final average salary.
Under the Public Employees Retirement Act:
A. for a member who was a member on June 30, 2013, the final average salary is one thirty-sixth of the greatest aggregate amount of salary paid a member for thirty-six consecutive, but not necessarily continuous, months of service credit; and
B. for a member who was not a member on June 30, 2013, the final average salary is one-sixtieth of the greatest aggregate amount of salary paid a member for sixty consecutive, but not necessarily continuous, months of service credit.
History: Laws 2009, ch. 288, § 12; 2013, ch. 225, § 8.
ANNOTATIONSThe 2013 amendment, effective July 1, 2013, changed the benefits for members initially employed after June 30, 2013 by reducing the multiplier and increasing the numbers of years used to calculate the final average salary; in the introductory sentence, after "Under", deleted "each coverage plan of"; in Subsection A, at the beginning of the sentence, added "for a member who was a member on June 30, 2013"; 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.
