A. A member who was a member on June 30, 2010, or was a member at any time prior to that date and had not, on that date, been refunded all member contributions pursuant to Subsection A of Section 22-11-15 NMSA 1978, shall be eligible for retirement benefits when:
(1) the member is any age and has twenty-five or more years of earned and allowed service credit;
(2) the member is at least sixty-five years of age and has five or more years of earned service credit; or
(3) the sum of the member’s age and years of earned service credit equals at least seventy-five; provided that a member who retires pursuant to this paragraph shall be subject to the benefit reductions provided in Subsection G of Section 22-11-30 NMSA 1978.
B. A member shall be subject to the provisions of Subsection A of this section as they existed at the beginning of the member’s last cumulated four quarters of earned service credit, regardless of later amendment.
HISTORY:
1953 77-9-22, enacted by Laws 1967, ch. 16, § 146; 1971, ch. 12, § 2; 1974, ch. 5, § 2; reenacted by 1981, ch. 293, § 2; 1984, ch. 19, § 4; 1993, ch. 69, § 7; 2009, ch. 286, § 1; 2009, ch. 288, § 14; 2013, ch. 61, § 2.
Editor’s notes.
Laws 2009, ch. 286, § 1, effective July 1, 2010 also amended this section but was not given effect due to the identical amendment by Laws 2009, ch. 288, § 14, effective July 1, 2011. See 12-1-8 NMSA 1978.
Amendment Notes.
The 2009 amendment, effective July 1, 2011, added “initial membership prior to July 1. 2010” in the section heading; rewrote the introductory language of (A), which read: “On and after July 1, 1984”; and made stylistic changes.
The 2013 amendment, effective July 1, 2013, rewrote the section.
Research References and Practice Aids
Cross references.
Retirement benefits, 22-11-30 NMSA 1978.