A. A member who initially became a member on or after July 1, 2010, or a member who was a member at any time prior to that date and had, before that date, been refunded all member contributions pursuant to Subsection A of Section 22-11-15 NMSA 1978, shall be eligible for retirement benefits pursuant to the Educational Retirement Act [22-11-1 NMSA 1978] when:
(1) the member is any age and has thirty or more years of earned service credit;
(2) the member is at least sixty-seven 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 eighty; provided that a member who retires pursuant to this paragraph shall be subject to the benefit reductions provided in Subsection H of Section 22-11-30 NMSA 1978.
B. A member shall be subject to the provisions 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:
1978 22-11-23.1, enacted by Laws 2009, ch. 286, § 2 and Laws 2009, ch. 288, § 15; 2013, ch. 61, § 3.
Duplicate laws.
Laws 2009, ch. 286, § 2, effective July 1, 2010, also enacted this section but was not given effect due to the identical enactment by Laws 2009, ch. 288, § 15, effective July 1, 2011. See 12-1-8 NMSA 1978.
Effective dates.
Laws 2009, ch. 288, § 21B makes the act effective July 1, 2011.
Amendment Notes.
The 2013 amendment, effective July 1, 2013, deleted “one of the following conditions occurs” at the end of the introductory language of (A); substituted “Subsection H” for “Paragraphs (1) and (2) of Subsection H” in (A)(3); and made a stylistic change.
Research References and Practice Aids
Cross references.
Retirement benefits, 22-11-30 NMSA 1978.