2020 New Mexico Statutes
Chapter 10 - Public Officers and Employees
Article 11 - Retirement of Public Officers and Employees Generally
Section 10-11-24 - State general member coverage plan 2; final average salary.

Under state general member coverage plan 2, the final average salary is one thirty-sixth of the greatest aggregate amount of salary paid a member for thirty-six consecutive months of credited service. Under state general member coverage plan 2, if a member has less than thirty-six months of credited service, the final average salary is the aggregate amount of salary paid a member for the member's period of credited service divided by the member's credited service.

History: Laws 1987, ch. 253, § 24.

Repeals and reenactments. — Laws 1987, Chapter 253 repealed former 10-11-24 NMSA 1978, as amended by Laws 1973, ch. 344, § 2, relating to employment without suspension of annuity, and enacted a new section, effective July 1, 1987.

Early retiree purchase of service credits. — Despite the clarity and precision of its formula for computing the cost of a retiring employee's additional purchased service credit, § 139 of Laws 1987, ch. 253 (uncompiled) was ambiguous; it was ambiguous because of its reference to the seventy-fifth fiscal year (the 12-month period ending June 30, 1987), which had already ended when § 139 became effective on July 1, 1987. The section provided that an employee could purchase up to five years of credited service "during the seventy-fifth or seventy-sixth fiscal year," subject to various conditions. Not only was the statute ambiguous by referring to both the seventy-fifth and seventy-sixth fiscal years at the same time, it was also internally inconsistent; the cost for an additional year of service credit had already been fixed by Section 3 of the 1986 amendment to this article (Chapter 89), and no one argues that § 139 was intended to change that cost, retroactively, to comport with the formula spelled out later in § 139. Thus, the early retirees in the seventy-sixth fiscal year under Laws 1987, ch. 253, § 139 were required to pay an equivalent amount to purchase service credits as paid by early retirees under Laws 1986, ch. 89, § 3. State ex rel. Helman v. Gallegos, 1994-NMSC-023, 117 N.M. 346, 871 P.2d 1352.